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Accounts - Principles of Accounts 2014 JAMB Past Questions

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36
The profit of a branch is usually credited to the
  • A. adjustment account
  • B. head office sales
  • C. head office goods account
  • D. head office current account
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37
Where partnership is converted into a limited liability company, current account balances of partners are transferred to a
  • A. realization account
  • B. savings account
  • C. share capital account
  • D. capital account
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38
The expenses incurred in purchasing a vehicle is a
  • A. revenue expenditure
  • B. capital expenditure
  • C. recurrent expenditure
  • D. concurrent expenditure
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39
Payment for shares in excess of amount offered gives rise to
  • A. subscription in advance
  • B. revenue reserves
  • C. capital reserves
  • D. calls-in-advance
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40
The details of the share capital which a company is authorized to issue is contained in the
  • A. Articles of Association
  • B. Companies and Allied Matters Act
  • C. Memorandum of Association
  • D. Share capitak certificate
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