Jamb 2013 Accounts - Principles of Accounts Questions
Question 31:
The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a
- A Bonus
- B Commission
- C Premium
- D Goodwill
Question 32:
A partnership's internal regulations are set out by
- A A deed
- B A law
- C A constitution
- D An article
Question 33:
In a partnership account, interest on drawings is
- A Debited to appropriation account
- B Credited to appropiation account
- C Treated as an expense in profit and loss account
- D Recorded in the balance sheet as current assets
Question 34:
When a share valued at 50k is issued at #1.59, it is said to be issued at
- A Par
- B Premium
- C Discount
- D Interest
Question 35:
The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of
- A Net income
- B Revenue reserve
- C Capital reserve
- D Net loss