Introduction to Company Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 56:

• JAMB 2004

The expenses incurred in promoting a company are?

A. Promoters' expenses
B. Floating expenses
C. Preliminary expenses
D. The borad's expenses

Question 57:

• JAMB 2004

Share premium is an example of?

A. Revenue reserve
B. Capital reserve
C. General reserve
D. Loan capital

Question 58:

• JAMB 2004

What is the value of the authorized share capital?

A. N500,000
B. N600,000
C. N750,000
D. N1, 200,000

Question 59:

• JAMB 2004

The value of the owner's equity is

A. N400,000
B. N900,000
C. N957,000
D. N1,357,000

Question 60:

• JAMB 2005

Use the information below to answer questions
Zazzau Company:
Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150
Drawings of N125 were made by the shareholders of the company.
The capital of the company stands at?

A. N12 240
B. N12 115
C. N2 510
D. N2 150