Final accounts of companies - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

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:

• JAMB 1995

Equity shareholders' fund is

A. N133 000
B. N 120 000
C. N113 000
D. N 100 000

Question 3:

• JAMB 1995

If a 10% dividend is approved, what is the dividend payable to ordinary shareholders?

A. N 13 000
B. N 11 300
C. N 10 000
D. N 8 000

Question 4:

• JAMB 1997

If goods are invoiced to the branch at cost and the invoice par value is N 2 000 with 5%discount rate, can remitted to the head office is

A. N2 100
B. N 200
C. N 1 900
D. N 100

Question 5:

• JAMB 1998

The ordinary shareholders enjoy the following rights except the right to?

A. Vote at annual general meetings
B. Elect the board of directors
C. Participate in additional issues of shares
D. Receive dividends at a preddetermined rate