Jamb Accounts - Principles of Accounts Questions
Question 1426:
| | ₦ |
| Plant and Machinery | 190000 |
| Motor Vehicle | 170000 |
| Stock | 60000 |
| Current Liabilities | 50000 |
| Purchase consideration | 40000 |
The goodwill is?
- A ₦110,000
- B ₦30,000
- C ₦90,000
- D ₦80,000
Question 1427:
Which of these is not method of stock valuation?
- A FIFO method
- B Base method
- C Standard method
- D LIFO method
Question 1428:
An evidence of payment issued to a government ministry by a revenue collector is ____________
- A Treasury card
- B Payment voucher
- C Treasury receipt
- D Receipt voucher
Question 1429:
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
- A Appropriation account
- B Profit and loss account
- C Balance sheet
- D Trading account
Question 1430:
The main purpose of transaction file is?
- A To record assets and liabilities
- B To update income and expenses
- C To make organization decision
- D To update master files