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Accounts - Principles of Accounts Past Questions

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681
The subscription paid in advance is treated in the balance sheet of a club as?
  • A. a surplus
  • B. a liability
  • C. a deflicit
  • D. an asset
View Answer & Discuss JAMB 2011
682
The capital of not-for-profit-making organization is referred to as?
  • A. entity fund
  • B. capital owned
  • C. accumulated fund
  • D. capital employed
View Answer & Discuss JAMB 2011
683
The major objective of departmental accounts is to ascertain the?
  • A. contribution of each department to profit
  • B. materials sold in each department
  • C. insurance premium payable on employees
  • D. number of employees in each department
View Answer & Discuss JAMB 2011
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684

The transactions relating to liquidation in partnership account is drawn by using?

  • A. current account
  • B. cash account
  • C. capital account
  • D. realization account
View Answer & Discuss (2) JAMB 2011
685
The cost method of charging goods to branch is used where?
  • A. branch stock adjustment account is in use
  • B. the retention of branch trading account is in addition to the cost of goods sold
  • C. goods are sent without invoice or any source documents
  • D. goods are of a perishable nature on which a pre-determined price is inapplicable
View Answer & Discuss JAMB 2011
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