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

Question 96:

• 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 97:

• 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

Question 98:

• 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
Determine the number of times stock was turned over during the period to the nearest figure

A. 1
B. 2
C. 3
D. 4

Question 99:

• JAMB 2013

When a share valued at 50k is issued at #1.59, it is said to be issued at

A. Par
B. Premium
C. Discount
D. Interest

Question 100:

• JAMB 2013

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

A. Net income
B. Revenue reserve
C. Capital reserve
D. Net loss