JAMB Past Questions and Answers - Page 863

4,311.

Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

A.

Kola 1/3, Sunday 1/3 and Kemi 1/3

B.

Kola 1/5, Sunday 1/5 and Kemi 3/5

C.

Kola 2/5, Sunday 1/5 and Kemi 2/5

D.

Kola 2/5, Sunday 2/5 and Kemi 1/5

Correct answer is D

No explanation has been provided for this answer.

4,312.

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

A.

Memorandum

B.

Deed

C.

Financial regulation

D.

Bye-law

Correct answer is B

No explanation has been provided for this answer.

4,313.

In trial balance, income and liabilities are

A.

Credited

B.

Credited and debited respectively

C.

Debited and credited respectively

D.

Debited

Correct answer is A

No explanation has been provided for this answer.

4,314.

The power to appoint the Auditor General of the Federation is vested in the

A.

National Assembly

B.

Civil Service Commission

C.

Judicial Service Commission

D.

President

Correct answer is D

No explanation has been provided for this answer.

4,315.

The addition of prime cost, indirect cost and opening work- in-progress less the closing work-in-progress will result in cost of

A.

Goods manufactured

B.

Materials put into production

C.

Goods available for sale

D.

Goods sold

Correct answer is A

No explanation has been provided for this answer.