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Accounts - Principles of Accounts 2004 JAMB Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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36
The accounting entry to record the premium on goodwill is to debit?
  • A. cash and credit old partners' capital
  • B. goddwill and credit revaluation
  • C. assets and credit capital
  • D. capital and credit assets
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37
Debentures can be redeemed out of?
  • A. existing share capital reserve
  • B. existing general reserve
  • C. proceeds from new issue of shares
  • D. withholding tax
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38
The expenses incurred in promoting a company are?
  • A. promoters' expenses
  • B. floating expenses
  • C. preliminary expenses
  • D. the borad's expenses
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39
Share premium is an example of?
  • A. revenue reserve
  • B. capital reserve
  • C. general reserve
  • D. loan capital
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40
According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?
  • A. Consolidated Revenue Fund
  • B. Federation Account
  • C. Revenue Mobilization Allocation and Fiscal Commission's Account
  • D. Equalization Fund
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