1999 JAMB UTME Accounts Past Questions

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1999

Use the information to answer the question that follows:Aminu and Sons credit purchases (Extract] as at February 1996.Feb 1 Credit balances: ₦40,000 Debit balances: ₦1,000 Feb 28 Purchases journal totals: ₦500,000 Return…

1999

The conventional sources of public revenue includes?

1999

Which of the following account is kept by local governments in Nigeria?

1999

Capital and revenue expenditures of government are usually accounted for under funds which include?

1999

What is the correct entry in the head office books at the point of initial transfer of the goods?

1999

Use the information below to Answer questions 46 and 47.Among Limited invoiced goods at a cost of ₦10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth ₦1,200 at invoice price to the hea…

1999

To record the transfer of stock from one department to another, the correct entry would be to debit?

1999

The best method of allocating expenses among departments is to?

1999

Shares issued to a vendor in payment of business purchased would require a debit to?

1999

Calls in advance are treated in the balance sheet as?

1999

If a promoter pays a lawyer ₦5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?

1999

Which of the following events increases a corporation's shareholders equity?

1999

The market price per ordinary share of a corporation listed on the stock exchange is most closely related to its?

1999

If a sole proprietorship is purchased for cash, then?

1999

Dele and Seun who are in partnership, have decided to covert their business into a limited liability company where both become directors. To convert the business?

1999

When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner's?

1999

As part of the initial investment, a partner contributes office equipment that originally cost ₦20,000 and on which provision for depreciation of ₦12,500 had been recorded. If the partners agree on a valuation of ₦9,000…

1999

Goodwill can be valued in partnership when?

1999

A credit balance on a receipt and payments account indicates that the non-profit making organization?

1999

Given:Club debtors at start ₦150Cash sales ₦4,850Club debtors at close ₦900Cash received from debtors ₦550What is the amount of club sales?

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