Accounting JAMB - Page 109 of 151

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 capital certificate Correct Answer: Option C – Memorandum of Association

Payment for shares in excess of amount offered gives rise to?

by Sunday | Dec 1 | Accounting JAMB

A. subscription in advance B. revenue reserves C. capital reserves D. calls-in-advance Correct Answer: Option C – capital reserves

The expenses incurred in purchasing a vehicle is a?

by Sunday | Dec 1 | Accounting JAMB

A. revenue expenditure B. capital expenditure C. recurrent expenditure D. concurrent expenditure Correct Answer: Option B – capital expenditure

Where partnership is converted into a limited liability company; current account balances of partners are transferred to a?

by Sunday | Dec 1 | Accounting JAMB

A. realization account B. savings account C. share capital account D. capital account Correct Answer: Option A – realization account

The profit of a branch is usually credited to the?

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A. adjustment account B. head office sales C. head office goods account D. head office current account Correct Answer: Option C – head office goods account

In the absence of a partnership deed; the act stipulates that?

by Sunday | Dec 1 | Accounting JAMB

A. an amount should be fixed as salary for partners B. interest on partners loan should be 25% C. interest should not be allowed on partners drawings D. profits and losses should not be shared equally Correct Answer: Option D – profits and losses should not be...

The details of the share capital which a company is authorized to issue is contained in the?

Payment for shares in excess of amount offered gives rise to?

The expenses incurred in purchasing a vehicle is a?

Where partnership is converted into a limited liability company; current account balances of partners are transferred to a?

The profit of a branch is usually credited to the?

In the absence of a partnership deed; the act stipulates that?

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