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

Question 106:

• JAMB 2013

The debenture issued at par above the nominal value is said to be issued at a

A. Cost price
B. Mark-up
C. Premium
D. Margin

Question 107:

• JAMB 2014

Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
Determine the profit on the goods sent to the branch at profit margin of 25% mark-up

A. #150,000
B. #160,000
C. #170,000
D. #180,000

Question 108:

• 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 109:

• 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 110:

• 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