Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 321:

• JAMB 2001

On the dissolution of a partnership business,the net book value of the assets is transferred to?

A. Debit of realization account
B. Credit of realization account
C. Credit of bank account
D. Debit of bank account

Question 322:

• JAMB 2001

Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as?

A. Absorption
B. Merger
C. Conversion
D. Dissolution

Question 323:

• JAMB 2001

Where a company acquires controlling shares of another and the consideration is paid in cash, the entries in the books of the purchases are debit?`

A. Investment and credit cash
B. Investment and credit shares
C. Purchases and credit cash
D. Purchases and credit shares

Question 324:

• JAMB 2001

The main difference between the ordinary and preference shareholders is that?

A. The former receive dividends while the latter do not
B. The latter are not members of the company while the former are
C. In the case of winding up, the former are paid first before the latter
D. The former have voting rights while the latter do not

Question 325:

• JAMB 2001

The law that currently regulates the registration of companies in Nigeria is the?

A. Constitution of the Federal Republic of Nigeria, 1999
B. Nigeria Enterprises Promotion Decree, 1972
C. Companies and Allied Matters Decree, 1990
D. Companies Decree, 1968