by Sunday | Nov 30 | Accounting JAMB
A. ascertain the contribution of each department to the organization B. ascertain interdepartmental transfer C. build other branches D. know the number of departments in the organization Correct Answer: Option A – ascertain the contribution of each department to...
by Sunday | Nov 30 | Accounting JAMB
A. virement B. financial regulations C. supplementary estimate D. warrant Correct Answer: Option C – supplementary estimate Explanation supplementary estimates mean a statement of unforeseen expenditure for a financial year presented by the Treasurer to the...
by Sunday | Nov 30 | Accounting JAMB
A. capital reserve B. revenue reserve C. net income D. net loss Correct Answer: Option A – capital reserve Explanation Capital Reserve is a type of profit that is earned on capital transactions – an example would be the profit arising from the forfeiture...
by Sunday | Nov 30 | Accounting JAMB
A. Accrued expenses on annual dances B. Subscriptions due but not yet received C. interest on bank deposit D. Depreciation of the club house Correct Answer: Option C – interest on bank deposit Explanation “A receipt and payment account is a summarized cash...
by Sunday | Nov 30 | Accounting JAMB
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts. A. #744,800 B. #760,000 C. #784,000 D. #744,000 Correct Answer: Option D – #744,000