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

Question 126:

• JAMB 2016

An item in the balance sheet of a limited liability company is

A. Accrued expenses
B. Lighting and heating
C. Salaries and wages
D. General expenses

Question 127:

• JAMB 2016

Which of the following is the capital reserve of a company?

A. Accumulated depreciation
B. Retained profit
C. Share premium
D. Loss on forfeited shares

Question 128:

• 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 129:

• JAMB 2016

When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of

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

Question 130:

• JAMB 2017

A part of public company's profits belonging to the shareholders is

A. Public issue
B. Bonus
C. Right issue
D. Dividends