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Jamb Accounts - Principles of Accounts Past QuestionsJamb Past Questions and Answers on Capital and recurrent expenditureQuestion 1:The term "accounting period" is used to refer to the A. Time span during which taxes are paid to the inland revenue board B. Budget period, usually one year, relied on by the accountant C. Time span, usually one year, covered by financial statement D. Period within which debtors are expected to settle accounts Question 2:Eko Local Government expenditure Hospital building ---------------------- N200,000 Drugs ---------------------------------- N180,000 Hospital beds and mattresses ------------ N40,000 Doctors' and nurses' salaries ---------- N120,000 Administrative expenses ----------------- N50,000 Capital expenditure is A. N420,000 B. N380,000 C. N240,000 D. N200,000 Question 3:Eko Local Government expenditure Hospital building ---------------------- N200,000 Drugs ---------------------------------- N180,000 Hospital beds and mattresses ------------ N40,000 Doctors' and nurses' salaries ---------- N120,000 Administrative expenses ----------------- N50,000 Recurrent expenditure is A. N390,000 B. N360,000 C. N350,000 D. N170,000 Question 4:In a public corporation, the capital expenditure incurred in a financial period is? A. Spread over the useful life of the assets through depreciation B. Apportioned at a pre-determined rate stipulated by law C. Written off in the year in which they occur D. Merged with recurrent expenditure and reported in one required lump sum Question 5:Capital and revenue expenditures of government are usually accounted for under funds which include? A. A personal advances, technical, special trust and B. Technical, special trusth and commercial funds C. Personal advances, treasury clearance and special trusth funds D. Commercial loans and treasury clearance funds |
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