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Accounts - Principles of Accounts 1997 JAMB Past Questions

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31
Share premium can be used to?
i. write off discount on shares
ii. give loans to directors
iii.pay dividends
iv. pay company's formation expenses.
  • A. i and iv only
  • B. i and iii only
  • C. ii and iii only
  • D. iii and iv only
View Answer & Discuss JAMB 1997
32
Alabede (NIG) limited issued 50 000 ordinary shares of N1 each at a market value of N2.50 each. the share premium is?
  • A. N125 000
  • B. N500 000
  • C. N50 000
  • D. N25 000
View Answer & Discuss JAMB 1997
33
What is the balance of the bank account shown above?
  • A. N88 500 debit
  • B. N 88 500 credit
  • C. N 59 410 credit
  • D. N 59 410 debit
View Answer & Discuss JAMB 1997
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34
In analyzing incomplete records, which of the following should be investigated?
  • A. the general ledger
  • B. the purchases day book and sales day book
  • C. the nature of trading activities and the basis on which goods are sold
  • D. the asset register together with the depreciation schedule
View Answer & Discuss JAMB 1997
35
Given: N
Direct material - 10 000
Direct labour - 5000
Direct expenses - 2000
Factory overhead - 4000
What is the prime cost?
  • A. N21 000
  • B. N 17 000
  • C. N 15 000
  • D. N 6 000
View Answer & Discuss (1) JAMB 1997
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