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Accounts - Principles of Accounts Past Questions

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21
The major difference between the receipt and payment account and the income and expenditure account is that while the former
  • A. is kept by the treasurer, the latter is not
  • B. deals with all receipts and payments in the year regardless of the time it relates to, the latter is for just that year
  • C. is a T-account, the latter is not
  • D. is not in the ledger, the latter is
View Answer & Discuss (1) JAMB 1994
22
The net profit from a trading account of a non-profit making organization would be treated as income in the
  • A. income and expenditure account
  • B. receipt and payment account
  • C. balance sheet
  • D. statement of affairs
View Answer & Discuss (4) JAMB 1994
23
The major distinguishing element between the final accounts of a partnership and a sole trader is the
  • A. drawings account
  • B. appropriation account
  • C. capital account
  • D. creditors account
View Answer & Discuss (12) JAMB 1994
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24
Goodwill appears in the books of a business only if it has been
  • A. purchased at a certain price
  • B. raised in connection with the admission of a new partner
  • C. raised to account for the true value of a business on the death of a partner
  • D. raised in order to prevent the balance sheet showing that the business is insolvent
View Answer & Discuss (5) JAMB 1994
25

Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000.
The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo's equity in the resulting partnership is

  • A. N32,000
  • B. N40,000
  • C. N42,000
  • D. N50,000
View Answer & Discuss (8) JAMB 1994
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