Jamb Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 41:

• JAMB 2013

The objective of departmental account is to

A. Ascertain the cost of running the organization
B. Ascertain the amount of profit or loss for each department
C. Ascertain the amount of profits for losses for the enterprises
D. Offset the loss of each treatment

Question 42:

• JAMB 2013

Which of the following is the capital reserve of a company

A. Share premium
B. Retained profit
C. Accumulated depreciation
D. Loss on forfeited shares

Question 43:

• JAMB 2013

Given:
Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;
On application 46k
On allotment 20k
1st Call 15k
2nd Call 19k
How much is to be paid for application?

A. #230,000
B. #280,000
C. #500,000
D. #550,000

Question 44:

• JAMB 2013

The issued share capital is the number of shares that are

A. Authorized by share holders
B. Shared among the directors
C. Fully subscribed
D. In the share certificate

Question 45:

• JAMB 2013

The distributable profit available to shareholders at the end of each year is the

A. Total profit and debtors balance
B. General reserve and retained profit
C. Retained profit and fictitious assets
D. Total profit less creditors balance