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Accounts - Principles of Accounts 2016 JAMB Past Questions

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36

Which of the following is accounted for in receipts and payments account?

  • A. Accrued expenses on annual dances
  • B. Subscriptions due but not yet received
  • C. interest on bank deposit
  • D. Depreciation of the club house
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37

When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of

  • A. capital reserve
  • B. revenue reserve
  • C. net income
  • D. net loss
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38

An increase in government expenditure within a year is taken care of by means of

  • A. virement
  • B. financial regulations
  • C. supplementary estimate
  • D. warrant
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39

A business organization prepares departmental account in order to

  • A. asertian the contribution of each department to the organization
  • B. ascertain interdepartmental transfer
  • C. build other branches
  • D. know the number of departments in the organization
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40

The objective of departmental account is to

  • A. ascertain the amount of profits or losses for the enterprise
  • B. ascertain the amount of profits or losses for each department
  • C. ascertain the cost of running the organization
  • D. offset the loss of each department
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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