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Accounts - Principles of Accounts 1998 JAMB Past Questions

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41
The part of equity which is payable on winding up is called?
  • A. general reserve
  • B. revenue reserve
  • C. capital reserve
  • D. normal reserve
View Answer & Discuss (1) JAMB 1998
42
To compute gearing ratio, divide?
  • A. profit by capital employed
  • B. current assets by current liability
  • C. profit by total assets
  • D. long-term debts by equity capital
View Answer & Discuss JAMB 1998
43
Which of the following entries is effected by a department when goods are charged to it at selling prices?
  • A. stock account is debited
  • B. purchases account is debited
  • C. stock account is credited
  • D. mark-up account is debited
View Answer & Discuss JAMB 1998
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44
The difference between the closure of the books of a branch and those of a separate company is that?
  • A. there is retained earnings account on the branch books
  • B. the revenue and expenses account is closed to branch current account
  • C. there is no retained earnings account on the branch
  • D. the revenue and expenses account is not closed to the home office current account
View Answer & Discuss JAMB 1998
45
The term fiscal compliance means?
  • A. al financial and related laws and regulations are adhered to
  • B. only the budget fir the current period is complied with and no deficits allowed
  • C. all physical assets requirements have been met
  • D. fiscal planning is necessary for proper accountabilit in the public sector
View Answer & Discuss JAMB 1998
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