Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1071:

• JAMB 2016

Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k
Determine the amount received on final call.

A. #225,000
B. #236,250
C. #247,500
D. #202,500

Question 1072:

• JAMB 2016

When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at

A. A price above or below the stipulated price
B. Any price but not below the transfer price
C. Cost price
D. A price that is equal to the mark-up

Question 1073:

• JAMB 2016

The income and expenditure account differs from receipts and payments account because it

A. Accounts for notional charges
B. Records transactions that relate to the period on cash basis
C. Records transactions that relate to the period on accrual basis
D. Accounts for balance of cash at bank

Question 1074:

• JAMB 2016

The major sources of revenue for the state and local governments is

A. Value added tax
B. Statutory allocation
C. Taxes and levies
D. Recurrent revenue

Question 1075:

• JAMB 2016

1. The amount of the imprest is the same from one organization to another.
2. At the end of a fixed period, the petty cashier received a fixed sum of money.
3. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
4. The system is a method by which a measure of control is kept on petty cash expenses.
Which of the following is correct about the imprest system?

A. II and IV
B. II, III and IV
C. I, II and III
D. III and IV