Jamb Accounts - Principles of Accounts Questions
Question 181:
The part of equity which is payable on winding up is called?
- A General reserve
- B Revenue reserve
- C Capital reserve
- D Normal reserve
Question 182:
To compute gearing ratio, divide?
- A Profit by capital employed
- B Current assets by current liability
- C Profit by total assets
- D Long-term debts by equity capital
Question 183:
Which of the following entries is effected by a department when goods are charged to it at selling prices?
- A Stock account is debited
- B Purchases account is debited
- C Stock account is credited
- D Mark-up account is debited
Question 184:
The difference between the closure of the books of a branch and those of a separate company is that?
- A There is retained earnings account on the branch books
- B The revenue and expenses account is closed to branch current account
- C There is no retained earnings account on the branch
- D The revenue and expenses account is not closed to the home office current account
Question 185:
The term fiscal compliance means?
- A Al financial and related laws and regulations are adhered to
- B Only the budget fir the current period is complied with and no deficits allowed
- C All physical assets requirements have been met
- D Fiscal planning is necessary for proper accountabilit in the public sector