Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 181:

• JAMB 1998

The part of equity which is payable on winding up is called?

A. General reserve
B. Revenue reserve
C. Capital reserve
D. Normal reserve

Question 182:

• JAMB 1998

To compute gearing ratio, divide?

A. Profit by capital employed
B. Current assets by current liability
C. Profit by total assets
D. Long-term debts by equity capital

Question 183:

• JAMB 1998

Which of the following entries is effected by a department when goods are charged to it at selling prices?

A. Stock account is debited
B. Purchases account is debited
C. Stock account is credited
D. Mark-up account is debited

Question 184:

• JAMB 1998

The difference between the closure of the books of a branch and those of a separate company is that?

A. There is retained earnings account on the branch books
B. The revenue and expenses account is closed to branch current account
C. There is no retained earnings account on the branch
D. The revenue and expenses account is not closed to the home office current account

Question 185:

• JAMB 1998

The term fiscal compliance means?

A. Al financial and related laws and regulations are adhered to
B. Only the budget fir the current period is complied with and no deficits allowed
C. All physical assets requirements have been met
D. Fiscal planning is necessary for proper accountabilit in the public sector