Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 61:

• JAMB 2023

The part of capital issued only at the time of liquidation of the company is ____________

A. Issued capital
B. Called-up capital
C. Paid-up capital
D. Reserved capital

Question 62:

• JAMB 2023

Which of the following is not charged to manufacturing account?

A. Raw materials
B. Factory wages
C. Direct expenses
D. Distribution expenses

Question 63:

• JAMB 2023

The authority to transfer fund from one head to another within the same organization is called ____________

A. Fund
B. Warrant
C. Vote
D. Virement

Question 64:

• JAMB 2023

Another name for control accounts is ____________

A. Total account
B. Purchases ledger
C. Creditors' account
D. Debtors' account

Question 65:

• JAMB 2023

Which of the following concepts recognizes the principle of double entry?

A. Business entity
B. Accrual
C. Going concern
D. Dual aspect