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Accounts Past Questions | JAMB, WAEC, NECO and Post UTME Past Questions


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Question 11

Use the information below to answer the question that follows:

Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share. Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?

The refund due to an application for ₦25,000 shares is

Options

A) ₦45,000

B) ₦30,000

C) ₦7,500

D) ₦5,000

Question 12

Use the information below to answer the question that follows:

Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share. Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?

What will be the number of shares to be issued to a subscriber who applied for ₦30,000 shares

Options

A) ₦20,000

B) ₦18,000

C) ₦15,000

D) ₦12,000

Question 13

Which of the following items does not feature in the balance sheet of a club?

Options

A) Arrears of current year's subscription

B) Salary arrears paid in the current year

C) Rental income received in advance

D) Advances subscription in respect of a coming year

Question 14

An outright sale of a partnership amounts to the

Options

A) compensation of vendors by the purchase

B) admission of a new partner

C) purchase of rights of a dead partner

D) change of sharing ratio of vendors

Question 15

Given:

Opening cash balance₦20,000
Sales of match tickets₦15,000
Clearing of pitch₦1,200
Refreshments₦3,500
Referees' allowance₦1,000
Cost of petrol₦1,120
Donation from local government₦3,800

The club's balance is

Options

A) ₦39,180

B) ₦34,830

C) ₦34,380

D) ₦31,980

Question 16

Use the information below to answer the question that follows:

Maimalari Ltd had

(i) Earning per share47k
(ii) Dividend per share30k
(iii) Par value of each share₦1.20
(iv) Market price per share₦1.50

The company's earning yield is

Options

A) 20.00%

B) 25.00%

C) 31.33%

D) 39.17%

Question 17

Use the information below to answer the question that follows:

Maimalari Ltd had

(i) Earning per share47k
(ii) Dividend per share30k
(iii) Par value of each share₦1.20
(iv) Market price per share₦1.50

What will be the price earnings ratio of the company?

Options

A) 3.91

B) 3.19

C) 2.95

D) 2.55

Question 18

The Partnership Deed normally specifies

Options

A) how profit or losses are to be shared

B) the capital to be contributed annually

C) how salaries are paid to employees

D) the profit that should be earned annually

Question 19

The accumulation fund of a non-trading concern can equally be referred to as

Options

A) members' equity

B) share capital

C) general fund

D) surplus fund

Question 20

When a purchase business is revalued, the effect is that

Options

A) a decrease in the value of asset has no effect on value of goodwill

B) an increase in the value of asset is treated as an increase in the value of goodwill

C) a decrease in the value of asset is treated as an decrease in the value of goodwil

D) an increase in the value of asset is treated as an decrease in the value of goodwill



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