Jamb Accounts - Principles of Accounts Questions
Question 971:
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 972:
The expenses incurred in purchasing a vehicle is a
- A Revenue expenditure
- B Capital expenditure
- C Recurrent expenditure
- D Concurrent expenditure
Question 973:
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
Question 974:
The details of the share capital which a company is authorized to issue is contained in the
- A Articles of Association
- B Companies and Allied Matters Act
- C Memorandum of Association
- D Share capitak certificate
Question 975:
#800,000 worth of ordinary shares of 50k were issued at #1 each, payable in full on application. The entry in the cash book would be to
- A Credit #1,600,000
- B Debit #1,600,000
- C Credit #1,600,000
- D Debit #800,000