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JAMB Accounts (Principles of Accounts) questions

312 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19

  1. Question 81· Company accounts· JAMB

    Shares issued below their nominal value are issued at a

    Explanation and discussion

  2. Question 82· Company accounts· JAMB

    A company has 400,000 ordinary shares of ₦2 each, fully paid, and declares a dividend of 10%. The total dividend is

    Explanation and discussion

  3. Question 83· Company accounts· JAMB

    The maximum amount of share capital a company may issue according to its memorandum is the

    Explanation and discussion

  4. Question 84· Company accounts· JAMB

    Capital reserves such as share premium

    Explanation and discussion

  5. Question 85· Company accounts· JAMB

    A general reserve is created by

    Explanation and discussion

  6. Question 86· Company accounts· JAMB

    A company issued 600,000 ordinary shares of ₦1 each at ₦1.50 per share. The share premium is

    Explanation and discussion

  7. Question 87· Company accounts· JAMB

    Interest on debentures is

    Explanation and discussion

  8. Question 88· Company accounts· JAMB

    A company declares a 10% dividend on 500,000 ordinary shares of ₦2 each. Find the total dividend.

    Explanation and discussion

  9. Question 89· Company accounts· JAMB

    Preference shareholders differ from ordinary shareholders because preference shareholders

    Explanation and discussion

  10. Question 90· Company accounts· JAMB

    Debenture interest is

    Explanation and discussion

  11. Question 91· Company accounts· JAMB

    Called-up capital is

    Explanation and discussion

  12. Question 92· Company accounts· JAMB

    A company issued 100,000 shares of ₦1 at par; ₦0.75 per share has been called and paid. Paid-up capital is

    Explanation and discussion

  13. Question 93· Company accounts· JAMB

    Dividend paid to ordinary shareholders is

    Explanation and discussion

  14. Question 94· Company accounts· JAMB

    The statement showing a company's cash inflows and outflows is the

    Explanation and discussion

  15. Question 95· Company accounts· JAMB

    Calls in arrears are

    Explanation and discussion

  16. Question 96· Company accounts· JAMB

    Forfeited shares are shares

    Explanation and discussion

  17. Question 97· Control accounts· JAMB

    Control accounts help management to

    Explanation and discussion

  18. Question 98· Control accounts· JAMB

    A set-off (contra) between the sales and purchases ledgers occurs when

    Explanation and discussion

  19. Question 99· Control accounts· JAMB

    Returns outwards appear in the purchases ledger control account on the

    Explanation and discussion

  20. Question 100· Control accounts· JAMB

    Opening debtors ₦60,000; credit sales ₦300,000; cash received from debtors ₦250,000; discounts allowed ₦5,000; returns inwards ₦8,000; bad debts written off ₦2,000. The closing debtors balance is

    Explanation and discussion

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