Jamb 1994 Financial Past Questions And Answers
The expenditure on a good or services which is consumed either immediately or within a current accounting period is called
- A. fixed expenditure
- B. capital expenditure
- C. annual expenditure
- D. recurrent expenditure
The receipt from a special tax levy to pay maturing interest obligation are recorded in
- A. capital fund project
- B. Debt Service Fund
- C. Tax Assessment Fund
- D. Special Revenue Fund
When a business incurs labour cost in installing a fixed asset, the cost is treated as
- A. additional cost to the asset
- B. business wages and salaries
- C. installation cost of the asset
- D. business cost of the asset
The cash bass of accounting requires the recognition of revenue only when they are
- A. due
- B. earned
- C. paid
- D. received
Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as
- A. passing of entries
- B. consistency convention
- C. matching concept
- D. adjusting for revenue
The factory cost of producing goods is made up of
- A. prime cost and factory overhead
- B. prime cost and office overhead
- C. raw materials consumed and fixed cost
- D. Raw materials and administrative overhead
Kayode, Akpan and Kachalla are in partnership. Their respective capital accounts had the following balances: N40,000, N50,000 and N70,000. The partners agree to admit Wamo as a new partner with a one-fifth interest in the partnership capital in exchange for N50,000 cash. Wamo's equity in the resulting partnership is
- A. N32,000
- B. N40,000
- C. N42,000
- D. N50,000
The financial position of an organization at a particular time can be ascertained from the
- A. statement of sources and application of funds
- B. statement of retained earnings
- C. balance sheet
- D. profit and loss account
The amount of individual items on a government budget is called
- A. vote
- B. deposit
- C. loan
- D. grant
Which of the following categories of labour cost will be classified as direct?
- A. accountant's salary
- B. factory workers' salary
- C. managing director's salary
- D. cashier's salary