JAMB Accounting Past Questions & Answers - Page 19

91.

Under which of the following conditions is a partnership dissolved?

A.

Change of the partnership's head office

B.

Purchase of a large quantity of fixed assets

C.

Admission of a new partner

D.

Retirement of a manager who is not a partner

Correct answer is C

No explanation has been provided for this answer.

93.

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

A.

Monetary

B.

Cost

C.

Conservatism

D.

Historical

Correct answer is C

No explanation has been provided for this answer.

94.

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.

95.

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.