💻JAMB CBT PRACTICE (ACCOUNTING)

1) Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

The amount of preference shares dividends payable at the end of the year is

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

3) Mamsa Nigeria Limited issued 20 000 ordinary shares of N1.50 per share on 2nd July 2002.
1500 ordinary shares were fully subscribed for and their monies received as below:

On application .........................N0.40
On allotment ...........................N0.20
First call (including premium ofN0.50)..N0.70

What is the balance of the ordinary share capital account after the first call was received?

4) 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?

5) Given:

I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cash book

The features of receipts and payment account includes:

6) Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

- Interest on drawings 10%

- Interest on capital 5%

- Profit for the year ₦36,000

- Salary: Segun ₦10,000

The interest on Dairo\'s drawings is

7) The authority to transfer fund from one head to another within the same organization is called___

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11) The accounting system in which only one aspect of transaction is recorded is__

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13) The journal has the following headings except___

14) Another name for control accounts is___

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17) The fund in which all government receipt are paid is?

18) Goodwill can be introduced when__

19) Salaries in arrears is treated in the balance sheet as a ___

20) Which of these is the main source document for recording cash paid into bank?

21) Bola, UTC's regular customer, owed N1,00 on account of a radio bought. If he sent in a cheque for N1,500, UTC would send him a_

22) When starting with the cash book balance in preparing the bank reconciliation statement, the followings are added except

23) In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of ___

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26) The following appears in the trading account except___

27) Profit expressed in relation to cost of goods sold is___

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30) The use of the folio in the ledger is for___