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Accounts - Principles of Accounts Past Questions

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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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266
If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?
  • A. N500
  • B. N2,000
  • C. N2,500
  • D. N3,000
View Answer & Discuss JAMB 2001
267
On the dissolution of a partnership business,the net book value of the assets is transferred to?
  • A. debit of realization account
  • B. credit of realization account
  • C. credit of bank account
  • D. debit of bank account
View Answer & Discuss JAMB 2001
268
Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as?
  • A. absorption
  • B. merger
  • C. conversion
  • D. dissolution
View Answer & Discuss JAMB 2001
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269
Where a company acquires controlling shares of another and the consideration is paid in cash, the entries in the books of the purchases are debit?`
  • A. investment and credit cash
  • B. investment and credit shares
  • C. purchases and credit cash
  • D. purchases and credit shares
View Answer & Discuss JAMB 2001
270
The main difference between the ordinary and preference shareholders is that?
  • A. the former receive dividends while the latter do not
  • B. the latter are not members of the company while the former are
  • C. in the case of winding up, the former are paid first before the latter
  • D. the former have voting rights while the latter do not
View Answer & Discuss JAMB 2001
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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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