Jamb Accounts - Principles of Accounts Questions
Question 36:
In the absence of a partnership deed, the act stipulates that
- A An amount should be fixed as salary for partners
- B Interest on partners loan should be 25%
- C Interest should not be allowed on partners drawings
- D Profits and losses should not be shared equally
Question 37:
The profit of a branch is usually credited to the
- A Adjustment account
- B Head office sales
- C Head office goods account
- D Head office current account
Question 38:
Where partnership is converted into a limited liability company, current account balances of partners are transferred to a
- A Realization account
- B Savings account
- C Share capital account
- D Capital account
Question 39:
The expenses incurred in purchasing a vehicle is a
- A Revenue expenditure
- B Capital expenditure
- C Recurrent expenditure
- D Concurrent expenditure
Question 40:
Payment for shares in excess of amount offered gives rise to
- A Subscription in advance
- B Revenue reserves
- C Capital reserves
- D Calls-in-advance