Jamb 1998 financial accounting questions and answers | Campusflava https://campusflava.com Tutors, Past Questions and Projects. Thu, 08 Oct 2020 20:23:11 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.3 https://i0.wp.com/campusflava.com/wp-content/uploads/2023/01/cropped-CF.png?fit=32%2C32&ssl=1 Jamb 1998 financial accounting questions and answers | Campusflava https://campusflava.com 32 32 123014824 If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in? https://campusflava.com/blog/if-a-monthly-insurance-premium-is-remitted-to-a-company-by-the-state-government-the-initial-deductions-from-employees-are-recorded-in/ https://campusflava.com/blog/if-a-monthly-insurance-premium-is-remitted-to-a-company-by-the-state-government-the-initial-deductions-from-employees-are-recorded-in/#respond Thu, 08 Oct 2020 18:23:15 +0000 https://campusflava.com/blog/if-a-monthly-insurance-premium-is-remitted-to-a-company-by-the-state-government-the-initial-deductions-from-employees-are-recorded-in/ If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in? A the general fund B agency fund C special fund D general long-term fund Answer is B

The post If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in? first appeared on Campusflava.]]> If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in?

A the general fund

B agency fund

C special fund

D general long-term fund

Answer is B

The post If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in? first appeared on Campusflava.]]> https://campusflava.com/blog/if-a-monthly-insurance-premium-is-remitted-to-a-company-by-the-state-government-the-initial-deductions-from-employees-are-recorded-in/feed/ 0 38999 Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be? https://campusflava.com/blog/money-not-required-to-meet-chargeable-expenditure-in-any-fiscal-year-under-cash-accounting-should-be/ https://campusflava.com/blog/money-not-required-to-meet-chargeable-expenditure-in-any-fiscal-year-under-cash-accounting-should-be/#respond Thu, 08 Oct 2020 18:22:42 +0000 https://campusflava.com/blog/money-not-required-to-meet-chargeable-expenditure-in-any-fiscal-year-under-cash-accounting-should-be/ Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be? A surrendered to the consolidated revenue fund B carried forward to the next financial year C reserved to meetany deficits or contingencies D returned to the taxpayer Answer is A

The post Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be? first appeared on Campusflava.]]> Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?

A surrendered to the consolidated revenue fund

B carried forward to the next financial year

C reserved to meetany deficits or contingencies

D returned to the taxpayer

Answer is A

The post Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be? first appeared on Campusflava.]]> https://campusflava.com/blog/money-not-required-to-meet-chargeable-expenditure-in-any-fiscal-year-under-cash-accounting-should-be/feed/ 0 38998 In a public corporation, the capital expenditure incurred in a financial period is? https://campusflava.com/blog/in-a-public-corporation-the-capital-expenditure-incurred-in-a-financial-period-is/ https://campusflava.com/blog/in-a-public-corporation-the-capital-expenditure-incurred-in-a-financial-period-is/#respond Thu, 08 Oct 2020 18:21:57 +0000 https://campusflava.com/blog/in-a-public-corporation-the-capital-expenditure-incurred-in-a-financial-period-is/ In a public corporation, the capital expenditure incurred in a financial period is? A spread over the useful life of the assets through depreciation B apportioned at a pre-determined rate stipulated by law C written off in the year in which they occur D merged with recurrent expenditure and reported in one required lump sum […]

The post In a public corporation, the capital expenditure incurred in a financial period is? first appeared on Campusflava.]]> In a public corporation, the capital expenditure incurred in a financial period is?

A spread over the useful life of the assets through depreciation

B apportioned at a pre-determined rate stipulated by law

C written off in the year in which they occur

D merged with recurrent expenditure and reported in one required lump sum

Answer is C

The post In a public corporation, the capital expenditure incurred in a financial period is? first appeared on Campusflava.]]> https://campusflava.com/blog/in-a-public-corporation-the-capital-expenditure-incurred-in-a-financial-period-is/feed/ 0 38997 The term fiscal compliance means? https://campusflava.com/blog/the-term-fiscal-compliance-means/ https://campusflava.com/blog/the-term-fiscal-compliance-means/#respond Thu, 08 Oct 2020 18:21:17 +0000 https://campusflava.com/blog/the-term-fiscal-compliance-means/ 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 Answer is A

The post The term fiscal compliance means? first appeared on Campusflava.]]> 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

Answer is A

The post The term fiscal compliance means? first appeared on Campusflava.]]> https://campusflava.com/blog/the-term-fiscal-compliance-means/feed/ 0 38996 The difference between the closure of the books of a branch and those of a separate company is that? https://campusflava.com/blog/the-difference-between-the-closure-of-the-books-of-a-branch-and-those-of-a-separate-company-is-that/ https://campusflava.com/blog/the-difference-between-the-closure-of-the-books-of-a-branch-and-those-of-a-separate-company-is-that/#respond Thu, 08 Oct 2020 18:20:34 +0000 https://campusflava.com/blog/the-difference-between-the-closure-of-the-books-of-a-branch-and-those-of-a-separate-company-is-that/ 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 […]

The post The difference between the closure of the books of a branch and those of a separate company is that? first appeared on Campusflava.]]> 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

Answer is A

The post The difference between the closure of the books of a branch and those of a separate company is that? first appeared on Campusflava.]]> https://campusflava.com/blog/the-difference-between-the-closure-of-the-books-of-a-branch-and-those-of-a-separate-company-is-that/feed/ 0 38995 Which of the following entries is effected by a department when goods are charged to it at selling prices? https://campusflava.com/blog/which-of-the-following-entries-is-effected-by-a-department-when-goods-are-charged-to-it-at-selling-prices/ https://campusflava.com/blog/which-of-the-following-entries-is-effected-by-a-department-when-goods-are-charged-to-it-at-selling-prices/#respond Thu, 08 Oct 2020 18:20:03 +0000 https://campusflava.com/blog/which-of-the-following-entries-is-effected-by-a-department-when-goods-are-charged-to-it-at-selling-prices/ 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 Answer is B

The post Which of the following entries is effected by a department when goods are charged to it at selling prices? first appeared on Campusflava.]]> 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

Answer is B

The post Which of the following entries is effected by a department when goods are charged to it at selling prices? first appeared on Campusflava.]]> https://campusflava.com/blog/which-of-the-following-entries-is-effected-by-a-department-when-goods-are-charged-to-it-at-selling-prices/feed/ 0 38994 To compute gearing ratio, divide? https://campusflava.com/blog/to-compute-gearing-ratio-divide/ https://campusflava.com/blog/to-compute-gearing-ratio-divide/#respond Thu, 08 Oct 2020 18:19:33 +0000 https://campusflava.com/blog/to-compute-gearing-ratio-divide/ 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 Answer is D

The post To compute gearing ratio, divide? first appeared on Campusflava.]]> 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

Answer is D

The post To compute gearing ratio, divide? first appeared on Campusflava.]]> https://campusflava.com/blog/to-compute-gearing-ratio-divide/feed/ 0 38993 The part of equity which is payable on winding up is called? https://campusflava.com/blog/the-part-of-equity-which-is-payable-on-winding-up-is-called/ https://campusflava.com/blog/the-part-of-equity-which-is-payable-on-winding-up-is-called/#respond Thu, 08 Oct 2020 18:13:57 +0000 https://campusflava.com/blog/the-part-of-equity-which-is-payable-on-winding-up-is-called/ The part of equity which is payable on winding up is called? A general reserve B revenue reserve C capital reserve D normal reserve Answer is B

The post The part of equity which is payable on winding up is called? first appeared on Campusflava.]]> The part of equity which is payable on winding up is called?

A general reserve

B revenue reserve

C capital reserve

D normal reserve

Answer is B

The post The part of equity which is payable on winding up is called? first appeared on Campusflava.]]> https://campusflava.com/blog/the-part-of-equity-which-is-payable-on-winding-up-is-called/feed/ 0 38992 Under which of these conditions can a company issue shares at discount? https://campusflava.com/blog/under-which-of-these-conditions-can-a-company-issue-shares-at-discount/ https://campusflava.com/blog/under-which-of-these-conditions-can-a-company-issue-shares-at-discount/#respond Thu, 08 Oct 2020 18:12:26 +0000 https://campusflava.com/blog/under-which-of-these-conditions-can-a-company-issue-shares-at-discount/ Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court. A i, ii and iii […]

The post Under which of these conditions can a company issue shares at discount? first appeared on Campusflava.]]> Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court.

A i, ii and iii only

B i, ii and iv only

C i, iii, and iv only

D ii, iii and iv only

Answer is A

The post Under which of these conditions can a company issue shares at discount? first appeared on Campusflava.]]> https://campusflava.com/blog/under-which-of-these-conditions-can-a-company-issue-shares-at-discount/feed/ 0 38991 This suggest that the corporation has? https://campusflava.com/blog/this-suggest-that-the-corporation-has/ https://campusflava.com/blog/this-suggest-that-the-corporation-has/#respond Thu, 08 Oct 2020 18:11:47 +0000 https://campusflava.com/blog/this-suggest-that-the-corporation-has/ Granada Corporation has net assets of N600,000 and contributed capital of N180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has? A a book value of N14 per share B a book value of N20 per share C a deficit of N420,000 D retained earnings […]

The post This suggest that the corporation has? first appeared on Campusflava.]]> Granada Corporation has net assets of N600,000 and contributed capital of N180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has?

A a book value of N14 per share

B a book value of N20 per share

C a deficit of N420,000

D retained earnings of N600,000

Answer is B

The post This suggest that the corporation has? first appeared on Campusflava.]]> https://campusflava.com/blog/this-suggest-that-the-corporation-has/feed/ 0 38990