Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 971:

• JAMB 2014

Where partnership is converted into a limited liability company, current account balances of partners are transferred to a

A. Realization account
B. Savings account
C. Share capital account
D. Capital account

Question 972:

• JAMB 2014

The expenses incurred in purchasing a vehicle is a

A. Revenue expenditure
B. Capital expenditure
C. Recurrent expenditure
D. Concurrent expenditure

Question 973:

• JAMB 2014

Payment for shares in excess of amount offered gives rise to

A. Subscription in advance
B. Revenue reserves
C. Capital reserves
D. Calls-in-advance

Question 974:

• JAMB 2014

The details of the share capital which a company is authorized to issue is contained in the

A. Articles of Association
B. Companies and Allied Matters Act
C. Memorandum of Association
D. Share capitak certificate

Question 975:

• JAMB 2014

#800,000 worth of ordinary shares of 50k were issued at #1 each, payable in full on application. The entry in the cash book would be to

A. Credit #1,600,000
B. Debit #1,600,000
C. Credit #1,600,000
D. Debit #800,000