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JAMB questions for "Financial Accounting :: Introduction to Company Accounts and Public Sector Accounting"
Q1
The share premium account would be
A
credited with application and allotment ₦187 500
B
debited with application and allotment ₦375 000
C
credit with application and allotment ₦375 000
D
debited with application and allotment ₦187 500
E
Q2
The second and final call account was debited with
A
ordinary share capital account ₦187 500
B
12% preference share capital ₦375 000
C
bank account ₦187 500
D
12% preference share capital account ₦187 500
E
Q3
Provision for bad and doubtful debts in companies final accounts is treated in
A
trading accounts
B
profit and loss account
C
fund flow statement
D
cash flow statement
E
Q4
The book value per share is obtained by dividing
A
shareholders equity by outstanding shares
B
total assets by outstanding shares
C
gross profit by outstanding shares
D
net profit by outstanding shares
E
Q5
Expenditure incurred on consumables and goods for resale is
A
revenue expenditure
B
capital expenditure
C
suck cost
D
miscellaneous expenses
E
Q6
Replacement and renewal of fixed assets are
A
revenue receipt
B
capital receipt
C
capital expenditure
D
revenue expenditure
E
Q7
Which of the following is credited to the consolidated revenue fund?
A
Recurrent expenditure
B
Capital expenditure
C
Transfers to revenue fund
D
Internal revenue
E
Q8
One of the reasons for the existence of the public sector is to
A
take adequate care of the needy
B
supplement the commercial sector
C
provide cheap services to all citizens
D
correct perceived inequalities
E
Q9
Cash received from the subscribed shares is recorded by debiting
A
applicaion, allotment and crediting cash
B
allotment and crediting cash
C
cash and crediting subscribed shares
D
cash, crediting applicaion and allotment account
E
Q10
Ordinary shareholders received dividend before
A
creditors
B
debtors
C
preference shareholders
D
deferred shareholders
E
Q11
The debit ratio is approximately
A
43%
B
42%
C
41%
D
23%
E
Q12
Which of the following is true of Uju Nig. Ltd?
A
It is a highly geared company
B
It has no liquidity problem in the short term
C
It is adequately secured in fixed assets
D
It's working capital is zero
E
Q13
A source of revenue that is compulsory payment without any derivable benefit is
A
fees
B
taxes
C
fines
D
royalties
E
Q14
Which of the following is among is among the categories of government cash book?
A
Receipts cash book
B
Payment cash book
C
Petty cash book
D
Treasury cash book
E
Q15
The salary of the Chief Justice of the Federation is paid from he
A
cosolidated revenue fund
B
development fund
C
contingency
D
special fund
E
Q16
The Auditor General of the Federation can be removed by the
A
National assembly
B
Chief Justice
C
The president
D
Head of service
E
Q17
A pension granted to any past president or vice-president shall be charged to the
A
consolidated revenue fund
B
special pension fund
C
contingency fund
D
development fund
E
Q18
The federal government approved ₦140m to local governments W,X,Y and Z. The amount is to be shared on the basis of 40% equality, 30% population and 25% internal revenue generation. Calculate the share of local government W on equality.
A
₦35m
B
₦14m
C
₦56m
D
₦28m
E
Q19
After receiving the financial statement, the Auditor-General of the Federation must submit a report of the National Assembly within
A
60 days
B
30 days
C
120 days
D
90 days
E
Q20
Stock 1/1/2002 ₦40000, Goods received from head office ₦800000, Goods returned to head office ₦34000, sales 916000, Stock 31/12/2002 ₦7200. From the above, determine the cost of goods credited to the head office trading account
A
₦766,000
B
₦840,000
C
₦734,000
D
₦806,000
E
Q21
The tier of government that uses financial memorandum is the
A
local government
B
federal government
C
municipal government
D
state government
E
Q22
Earnings per share is a measure of
A
leverage
B
liquidity
C
profitability
D
solvency
E
Q23
The capital of the company stands at
A
₦2510
B
₦2150
C
₦12115
D
₦12240
E
Q24
The company's net current assets amount to
A
₦5870
B
₦6580
C
₦7930
D
₦5780
E
Q25
The expenses incurred in promoting a company are
A
preliminary expenses
B
promoter's expenses
C
the Board's expenses
D
floating expenses
E
Q26
According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the
A
Revenue Mobilization Allocation and Fiscal Commission's Account.
B
Equalization Fund
C
Consolidated Revenue Fund
D
Federation Account
E
Q27
The budget statement presented to the legislature by the Chief Executive is called
A
budget bill
B
a budget proposal
C
an appropriation act
D
an appropriation bill
E
Q28
What is the value of the authorized share capital?
A
₦750 000
B
₦500 000
C
₦1 200 000
D
₦600 000
E
Q29
The statement of assets and liabilities in the public sector can be described as the
A
balance sheet of government
B
funds flow statement of government
C
income and expenditure account of government
D
appropriation account of government
E
Q30
What is Kunle's share of the profit?
A
₦120
B
₦180
C
₦300
D
₦600
E
Q31
Share premium is an example of
A
loan capital
B
revenue reserves
C
capital reserves
D
general reserves
E
Q32
Debentures can be redeemed out of
A
existing general reserves
B
proceeds from new issue of share
C
withholding tax
D
existing share capital reserve
E
Q33
The company consumed raw materials worth
A
₦54,600
B
₦56,000
C
₦57,400
D
₦59,500
E
Q34
What is the consolidated revenue fund balance?
A
₦1100000
B
₦680000
C
₦440000
D
₦410000
E
Q35
The necessary accounts to be opened on the issue of ordinary share capital are
A
preference share capital cash and allotment accounts
B
bank and ordinary share capital account
C
cash and ordinary share capital accounts
D
nominal value and ordinary share capital accounts
E
Q36
Calculate the net worth of the business
A
₦120 000
B
₦90 000
C
₦80 000
D
₦30 000
E
Q37
What is the balance of the ordinary share capital account after the first call was received?
A
₦300
B
₦1,050
C
₦1,200
D
₦1,950
E
Q38
If the total expenses is ₦20,845, what will be the net profit for the company during the month?
A
₦19,149
B
₦16,168
C
₦21,655
D
₦18,405
E
Q39
What is the opening balance on the consolidated revenue fund account?
A
₦10 000m
B
₦12 000m
C
₦9 000m
D
₦11 000m
E
Q40
In the public sector, the method of accounting that reports revenue and expenditures in the period in which they are received and paid is called
A
fund accounting
B
commitment accounting
C
cash accounting
D
accrual accounting
E
Q41
If a property developing company sells a complete building to an interested third party, this sale can be treated in the books of the company as
A
revenue receipt
B
capital receipt
C
miscellaneous receipt
D
windfall receipt
E
Q42
The current growth in the volume of trading and financial dealings in Nigeria is helped by
A
credit as a factor of business
B
payment of goods in cash
C
increase in financial activities
D
government intervention
E
Q43
The law that currently regulates the registration of companies in Nigeria is the
A
Companies and Allied Matters Decree, 1990
B
Companies Degree, 1968
C
Nigeria Enterprises Promotions Decree 1972
D
Constitution of the Federal Republic of Nigeria, 1999
E
Q44
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
conversion
B
dissolution
C
merger
D
absorption
E
Q45
The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the
A
Auditor General
B
Permanent Secretary
C
Accountant General
D
Financial Minister
E
Q46
Didi Ltd. offered 10000 ordinary shares of ₦1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above
A
shares are never offered regard to the offer is invalid
B
the value of shares in the capital account will be lowered by 2%
C
the company incurs a loss to the tune of 2% of the offer
D
each of the subscribers losses 2% of investment
E
Q47
The refund due to an application for 25,000 shares is
A
₦45,000
B
₦30,000
C
₦7,500
D
₦5,000
E
Q48
When will be the number of share of shares to be issued to a subscriber who applied for 30,000 shares?
A
20,000
B
18,000
C
15,000
D
12,000
E
Q49
The company's earnings ratio of the company?
A
N3.91%
B
N3.19%
C
N31.33%
D
N39.17%
E
Q50
What will be the price earnings ratio of the company?
A
₦3.91
B
₦3.19
C
₦2.95
D
₦2.55
E
Q51
The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as reffered by the National assembly is the
A
Puublic Accounts Committee
B
Public Audit Committee
C
Internal Audit Committee
D
External Audit Committee
E
Q52
The channel through which all government borrowing and domestic lending transactions pass is called
A
special trust fund
B
agency fund
C
national loan fund
D
contingency fund
E
Q53
Recurrent expenditures are expenses for the period not exceeding
A
10 years
B
5 years
C
2 years
D
1 years
E
Q54
The market price per ordinary share of a corporation listed on the stock exchange is most closely related to it's
A
earnings per share
B
redemption price per share
C
book value per share
D
call price per share
E
Q55
Which of the following events increases a corporation's shareholders' equity?
A
Donation of shares out of the corporation's own stock to the corporation
B
The corporation's purchase of treasury stock
C
Shares of previously subscribed stock to subscribing stockholders
D
A municipality donation of land to the corporation
E
Q56
The quick ratio is
A
0.82:1
B
0.9:1
C
0.95:1
D
1.53:1
E
Q57
Determine the owners' equity
A
₦200,000
B
₦215,000
C
₦275,000
D
₦755,000
E
Q58
If a promoter pays a lawyer 5,000 for services rendered in preparing a Memorandum of Incorporation, the journey entry is to debit
A
preliminary expenses credit cash accounts
B
promoter, credit creditors account
C
lawyers's, credit cash accounts
D
cash, credit incorporation accounts
E
Q59
Which of the following accounts is kept by local governments in Nigeria?
A
Balanced sheet
B
Advances account
C
Debtors account
D
Profit and loss account
E
Q60
The conventional sources of public revenue include
A
loan,taxation,foreign reserves and dividends
B
interest, royalties, taxation and loans
C
crude oil, interest, posted price and taxation
D
taxation, deficit budgeting, royalties and loans
E