JAMB Accounting Past Questions & Answers - Page 63

311.

The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year

Provisional general warrant

Annual general warrant

Reserved expenditure warrant

Contingencies

Correct answer is A

Provisional general warrant is issued by minister to enable money to be released for expenditure for the early of the year before the appropriation Act is passed

312.

Changes can occur in partnership when:
i. Partnership is dissolved
ii. There is amalgamation of partnership
iii.There is a change in the profit or loss sharing ratio
Iv. Intangible asset increased

I, II and IV

I & III

I, II and III

I, III and IV

View answer & explanation

Correct answer is C

I, II and III: Changes will occur in partnership is dissolved amalgamation and changes in profit or loss sharing

313.

Processed data is only useful to user if it is

Complex

Quantitative

Relevant

Qualitative

View answer & explanation

Correct answer is C

First thing to be considered when gathering data is the relevant and usefulness of the data or information before considering the qualitative aspect and other things
Relevant : even if the information of data is not processed, if the processed data is relevant, it will be useful to the user

314.

What is the main purpose of transaction file?

To record assets and liabilities

To update income and expenses

To update master files

To make organization decision

View answer & explanation

Correct answer is C

The main purpose of organization file is to update the master file of the organization

315.

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

Original entry