Jamb 2011 Financial Past Questions And Answers
1
The capital of not-for-profit-making organization is referred to as?
- A. entity fund
- B. capital owned
- C. accumulated fund
- D. capital employed
2
The founders of a company are?
- A. promoters
- B. shareholders
- C. canvassers
- D. stakeholders
3
The major objective of departmental accounts is to ascertain the?
- A. contribution of each department to profit
- B. materials sold in each department
- C. insurance premium payable on employees
- D. number of employees in each department
4
The major point of agreement carried by the partnership deed is?
- A. 5% interest annum on any loan
- B. an oral agreement among the partners
- C. method of inhertance by the partners' children
- D. the profit and loss sharing ratio of the partners
5
The major feature of a journal is that it has?
- A. six columns, date, particulars, folio, amount, debit and credit
- B. five columns, date particulars, folio, debit and credit
- C. three columns, date particulars and folio
- D. four columns, date particulars, folio and amount
6
The cost method of charging goods to branch is used where?
- A. branch stock adjustment account is in use
- B. the retention of branch trading account is in addition to the cost of goods sold
- C. goods are sent without invoice or any source documents
- D. goods are of a perishable nature on which a pre-determined price is inapplicable
7
In a trial balance, income and liabilities are?
- A. debited and credited respectively
- B. credited
- C. credited and debited respectively
- D. debited
8
The two accounts that are normally opened in the head office when goods are transferred to a branch are?
- A. branch supplies and branch receipts
- B. branch stock account and goods sent to branch accounts
- C. goods sent to branch account and branch receipt account
- D. goods sent to branch accounts and branch supplies
9
The cost that are directly traceable to the the goods being produced is?
- A. party manufactured goods
- B. overhead cost
- C. total factory expenses
- D. prime cost
10
The fund in which all government receipt are paid is?
- A. consolidated revenue fund
- B. development fund
- C. trust fund
- D. contingency fund