Jamb Accounts - Principles of Accounts Questions
Question 36:
In partnership dissolution, an asset taken over by a partner is debited to?
- A Partners capital account and credited to realization account
- B Partners capital account and credited to asset account
- C Asset account and credited to realization account
- D Realization account and credited to capital account
Question 37:
Goodwill can be in the balance sheet as?
- A Fixed tangible asset
- B Current asset
- C Fictitious asset
- D Liquid asset
Question 38:
Cash received from the subscribed shares is recorded by debting?
- A Application, allotment and crediting cash
- B Allotment and crediting cash
- C Cash and crediting subscribed shares
- D Cash, crediting application and allotment account
Question 39:
Ordinary shareholders received dividend before?
- A Creditors
- B Debtors
- C Preference shareholders
- D Deferred shareholders
Question 40:
A source of revenue that is compulsory payment without any derived benefit is?
- A Fees
- B Taxes
- C Fines
- D Royalties