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Accounts - Principles of Accounts 2019 JAMB Past Questions

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51

Where there is no agreement made by the partners, the following provisions takes place except

  • A. No salary for partners acting in the business
  • B. There is interest on capital
  • C. No interest to be charged on drawings
  • D. Profit and loss are to be shared equally
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52

In the absence of partnership agreement, a loan by a partner attracts interest at

  • A. 20%
  • B. 5%
  • C. 10%
  • D. 15%
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53

In a non-profit making organisation, the excess of Assets over liabilities equals

  • A. capital
  • B. capital employed
  • C. capital owned
  • D. accumulated funds
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54

The similarities between Receipts and payments and income and expenditure account is

  • A. Both accounts follows the principle of double entry
  • B. They are summaries of financial statements
  • C. Both include capital items
  • D. Both are prepared by non-profit making concern
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55

Given:


Equipment
Motor Vehicle
Loan
Creditors
Sub in advance
Sub in arrears

10,000
15,000
4,500
3,000
150
3500

What is the accumulated fund?

  • A. ₦14,150
  • B. ₦20,850
  • C. ₦21,850
  • D. ₦14,200
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