Accountant general
Finance minister
Auditor general
Permanent secretary
Correct answer is C
Appropriation is the amount that government reserves for a particular purpose. Public expenditure is the spending made by government of a country on collective needs
Price above or below the stipulated price
Any price but not below the transfer price
Cost price
A price that is equal to the mark up
Correct answer is A
Cost plus mark up is a pricing strategy in which the selling price is determined by adding a specific amount mark up to a product unit cost
Advertising expenses incurred on a product in a business organization should be charged to
Sales department
Production department
Purchase department
Administration department
Correct answer is A
Advertising expenses are expenses incurred in order to enhance the sales of the company’s product/services
What is the amount of capital employed?
₦7,000
₦10,000
₦22,000
₦15,000
Correct answer is D
Capital Employed is the difference between the total assets and current liabilities of the company
When expenses are paid on behalf of the venture, the accounting entries is to debit
Bank account and credit joint venture account
Expenses account and credit bank account
Joint venture account and credit expenses account
Joint venture account and credit bank account
Correct answer is D
Joint venture account is an account that all expenditure incurred for the venture is debited and all income is credited to.
Debit joint venture and credit bank account because expenses incurred on behalf of the venture has to be debited to the joint venture account and since the money is joint out the bank must be credited to balance the account.
JAMB Subjects
Aptitude Tests