Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 976:

• JAMB 2014

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
Determine the amount received on application and allotment

A. #224,950
B. #225,000
C. #324,950
D. #325,000

Question 977:

• JAMB 2014

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
The book value of issued share capital is

A. #675,000
B. #975,000
C. #1,350,000
D. #1,950,000

Question 978:

• JAMB 2014

The account of government into which all monies are received and from which all expenditures are disbursed is the

A. Federation account
B. Petroleum Technology Development Fund
C. Central Bank Account
D. Development fund

Question 979:

• JAMB 2014

In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is

A. Virement
B. Fund accounting
C. Consolidated fund
D. Financial regulation

Question 980:

• JAMB 2014

The formula for calculating depreciation using straight line method is

A. \( \frac{\text{Scrape Value} + \text{Sales}}{Useful life} \)
B. \( \frac{\text{Cost } - \text{Scrape Value}}{Useful life} \)
C. \( \frac{\text{Sales } - \text{Scrape Value}}{Useful life} \)
D. \( \frac{\text{Purchases } + \text{Sales }}{Useful life} \)