by Sunday | Nov 29 | Accounting JAMB
₦ Plant and Machinery 190000 Motor Vehicle 170000 Stock 60000 Current Liabilities 50000 Purchase consideration 400000 A. ₦110 000 B. ₦ 80 000 C. ₦ 90 000 D. ₦ 30 000 Correct Answer: Option D – ₦ 30 000 Explanation Assets ₦ Plant and Machinery 190000 ...
by Sunday | Nov 29 | Accounting JAMB
A. current asset B. current liability C. fixed asset D. long term liability Correct Answer: Option B – current liability Explanation Current Liability: salaries in arrears fall into the category of them under the current liability because it is a benefit due to...
by Sunday | Nov 29 | Accounting JAMB
₦ Stock Jan 1 2600 Purchases 4000 Carriage inwards 500 Sales 9000 Carriage outwards 500 A. ₦4,000 B. ₦4,500 C. ₦5,000 D. ₦1,400 Correct Answer: Option D –...
by Sunday | Nov 29 | Accounting JAMB
A. Entrance fees B. subscription/dues C. ordinary shares D. Donations Correct Answer: Option C – ordinary shares Explanation Ordinary shares: This type of source of income is only used in a profit-oriented organization to generate fund from the pubic so as to...
by Sunday | Nov 29 | Accounting JAMB
A. provisional general warrant B. annual general warrant C. Reserved expenditure warrant D. contingencies Correct Answer: Option A – provisional general warrant Explanation Provisional general warrant is issued by the minister to enable money to be released for...