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Accounts - Principles of Accounts 2023 JAMB Past Questions

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21

Salaries in arrears is treated in the balance sheet as a

  • A. current asset
  • B. current liability
  • C. long term liability
  • D. fixed asset
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22

Capital for a profit making organization is generated through

  • A. gift
  • B. donation
  • C. shares
  • D. subscription
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23

One of the options below have the same features as the profit and loss account in non-profit organization

  • A. non profit account
  • B. profit and loss account
  • C. income and expenditure account
  • D. receipts and payment account
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24
 

Plant and Machinery

190000

Motor Vehicle

170000
Stock 60000

Current Liabilities

50000

Purchase consideration

40000

The goodwill is?

  • A. ₦110,000
  • B. ₦30,000
  • C. ₦90,000
  • D. ₦80,000
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25

Which of these is not method of stock valuation?

  • A. FIFO method
  • B. Base method
  • C. Standard method
  • D. LIFO method
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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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