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Accounts - Principles of Accounts 2005 JAMB Past Questions

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41
When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?
  • A. cash account and credit realization account
  • B. rassets account and credit realization account
  • C. realization account and credit realization account
  • D. assets account and credit cash account
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42
A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?
  • A. cash and credit debenture
  • B. debenture and credit cash
  • C. cash and credit capital
  • D. capital and debit cash
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43
The accounting method that reports incomes when earned and expenses when incurred is called?
  • A. cash accounting
  • B. commitment accounting
  • C. fund accounting
  • D. accrual accounting
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44
The tier of government that uses financial memorandum is the?
  • A. federal government
  • B. state government
  • C. local government
  • D. municipal government
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45
Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003

Determine the closing stock
  • A. N20 000
  • B. N30, 000
  • C. N40 000
  • D. N50,000
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