Accounts - Principles of Accounts 1994 JAMB Past Questions

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The major difference between the receipt and payment account and the income and expenditure account is that while the former

A. is kept by the treasurer, the latter is not
B. deals with all receipts and payments in the year regardless of the time it relates to, the latter is for just that year
C. is a T-account, the latter is not
D. is not in the ledger, the latter is

View Answer & Discuss (1) JAMB 1994

The net profit from a trading account of a non-profit making organization would be treated as income in the

A. income and expenditure account
B. receipt and payment account
C. balance sheet
D. statement of affairs

View Answer & Discuss (4) JAMB 1994

The major distinguishing element between the final accounts of a partnership and a sole trader is the

A. drawings account
B. appropriation account
C. capital account
D. creditors account

View Answer & Discuss (12) JAMB 1994

Goodwill appears in the books of a business only if it has been

A. purchased at a certain price
B. raised in connection with the admission of a new partner
C. raised to account for the true value of a business on the death of a partner
D. raised in order to prevent the balance sheet showing that the business is insolvent

View Answer & Discuss (5) JAMB 1994

Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000.
The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo's equity in the resulting partnership is

A. N32,000
B. N40,000
C. N42,000
D. N50,000

View Answer & Discuss (8) JAMB 1994

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Accounts - Principles of Accounts 1994 JAMB Past Questions

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