Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 871:

• JAMB 2012

In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are

A. Business purchase account and ordinary share capital account
B. Business purchase account, vendor account and ordinary share capital account
C. Business purchase account and vendor account
D. Ordinary share capital account, vendor account and unpaid share capital account

Question 872:

• JAMB 2012

Given:
1. The Memorandum of Association of the Company
11.The Article of Association of the Company
111. The Incorporation documents
From the above, which of the following is delivered to the Registrar of companies for incorporation

A. 1 and 11
B. 1, 11 and 111
C. 1 and 111
D. 11 and 111

Question 873:

• JAMB 2012

When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit

A. Application and allotment account and credit unsubscribed shares
B. Application and allotment account and credit cash
C. Oversubscribed shares and credit allotment account
D. Oversubscribed shares and credit allotment account

Question 874:

• JAMB 2012

Investment at cost of a company is to be disclosed under

A. Trading accounts
B. Profit and loss account
C. Balance sheet
D. Source and application of fund

Question 875:

• JAMB 2012

Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840
Calculate the acid test ratio

A. 1:94:1
B. 1:96:1
C. 1:1:94
D. 1:1:96