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Accounts - Principles of Accounts Past Questions

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181
Which of the following events increases a corporation's shareholders equity?
  • A. Donation of shares out of the corporation's own stock to the corporation
  • B. The corporation's purchase of treasury stock
  • C. Shares of previously subscribed stock issue to subscribing stockholders
  • D. A municipality donation of land to the corporation
View Answer & Discuss JAMB 1999
182
If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?
  • A. preliminary expenses, credit cash accounts
  • B. promoter, credit creditors' accounts
  • C. lawyer's credit cash accounts
  • D. cash , credit incorporation accounts
View Answer & Discuss JAMB 1999
183
Calls in advance are treated in the balance sheet as?
  • A. current asset
  • B. current liability
  • C. fixed assets
  • D. fixed liability
View Answer & Discuss JAMB 1999
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184
Shares issued to a vendor in payment of business purchased would require a debit to?
  • A. cash account and credit to share capital account
  • B. share capital account and credit to vendor's account
  • C. vendor's account and credit to share capital account
  • D. share capital account and credit to cash account
View Answer & Discuss JAMB 1999
185
The best method of allocating expenses among departments is to?
  • A. allocate expenses to each department in proportion to the sales of that department
  • B. charge against each department those costs which are within its control
  • C. charge expenses against each department in proportion to the purchases of that department
  • D. allocate expenses to each section of the department in relation to the number of people
View Answer & Discuss JAMB 1999
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