Accounting past questions: JAMB UTME 2025

78 objective questions, with answers. Free to read and practise.

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78 questions, one at a time, marked as you go or at the end. No account needed.

1.
A bank statement shows an overdraft of GH¢190,000. Kofi, a debtor, paid GH¢400,000 into the account. The new bank balance is
1. A.GH¢210,000 overdrawn
2. B.GH¢590,000 overdrawn
3. C.GH¢590,000
4. D.GH¢210,000
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Answer: D GH¢210,000
2.
A business should not lay claim to any profit before it is earned. This is in accordance with the
1. A.prudence concept
2. B.going concern concept
3. C.consistency concept
4. D.dual aspect concept
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Answer: A prudence concept
3.
A computer set bought for #150,000 was disposed for #45,000 after some years of use. The profit on disposal was #7,500. Accumulated depreciation at the time of disposal was
1. A.#112,500
2. B.#105,000
3. C.#97,500
4. D.#37,500
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Answer: C #97,500
4.
A feature of government accounting is that the
1. A.Accounts are prepared on an accrual basis.
2. B.Accounts are prepared on a cash basis.
3. C.fixed assets are depreciated.
4. D.objective is to report profit made by the government.
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Answer: B Accounts are prepared on a cash basis.
5.
A financial plan of action expressed in monetary terms is known as
1. A.warrant
2. B.consolidated fund
3. C.imprest
4. D.budget
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Answer: D budget
6.
A sales daybook is used to record
1. A.cash sales of fixed assets
2. B.cash and credit sales of stock
3. C.credit sales of stock
4. D.cash sales of stock
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Answer: C credit sales of stock
7.
A suspense account is used to
1. A.record sales
2. B.agree the trial balance
3. C.prepare the balance sheet
4. D.record purchase
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Answer: B agree the trial balance
8.
According to the entity concept, ownership is
1. A.separated from the business
2. B.vested on the management
3. C.not separated from the business
4. D.vested on the board of directors
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Answer: A separated from the business
9.
An example of a self-balancing account is the
1. A.control account
2. B.creditors account
3. C.suspense account
4. D.debtors account
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Answer: A control account
10.
Below-the-line item in public sector accounting means such an item is
1. A.less than what is budgeted for
2. B.not budgeted for in the current fiscal year
3. C.to be carried forward to the next fiscal year
4. D.budgeted for in the current fiscal year
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Answer: B not budgeted for in the current fiscal year
11.
Capital expenditure is the
1. A.extra capital paid in by the proprietor
2. B.money spend on buying goods for resale
3. C.money spend on acquiring fixed assets
4. D.cost of running a business
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Answer: C money spend on acquiring fixed assets
12.
Capital receipt is collected
1. A.from trade debtors
2. B.on sales of stock in trade
3. C.from trading activities
4. D.on sales of motor vehicles
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Answer: D on sales of motor vehicles
13.
Cash receipts and payments involving discounts are entered in
1. A.two-column cash book
2. B.analytical cash book
3. C.three-column cash book
4. D.petty cash book
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Answer: C three-column cash book
14.
Discounts received are
1. A.credited to the Profit and Loss Account
2. B.credited to the trading account
3. C.credited to the Appropriation Account
4. D.debited to the Profit and Loss Account
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Answer: A credited to the Profit and Loss Account
15.
Factory cost of production
1. A.#52,750
2. B.#53,300
3. C.#56,300
4. D.#45,500
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Answer: C #56,300
16.
If sales is D 12,000, and the gross profit markup percentage is 25%. What is the cost of sales?
1. A.D 9,000
2. B.D 9,600
3. C.D 3,000
4. D.D 2,400
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Answer: A D 9,000
17.
In bank reconciliation, when a cash book shows a credit balance, uncredited cheques are: I. deducted from the cash book balance II. added to the bank statement balance III. added to the cash book balance
1. A.I and II only
2. B.III only
3. C.II and III only
4. D.I, II, and III
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Answer: A I and II only
18.
In departmental accounts, rent is apportioned on the basis of
1. A.volume of sales
2. B.floor area occupied
3. C.purchases
4. D.number of personnel in each department
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Answer: B floor area occupied
19.
In partnership dissolution, an asset taken over by a partner is debited to
1. A.partners capital account and credited to realization account
2. B.realization account and credited to capital account
3. C.partners capital account and credited to asset account
4. D.asset account and credited to realization account
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Answer: A partners capital account and credited to realization account
20.
In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as
1. A.income
2. B.current assets
3. C.expenses
4. D.current liability
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Answer: A income
21.
In the absence of a partnership agreement, additional capital contributions by partners attract interest of
1. A.10%
2. B.12%
3. C.15%
4. D.5%
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Answer: D 5%
22.
Into how many major types can general-purpose computers be classified?
1. A.four
2. B.six
3. C.five
4. D.three
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Answer: D three
23.
One of the components of factory overhead is
1. A.raw materials consumed
2. B.depreciation of plant and machinery
3. C.manufacturing wages
4. D.carriage inwards
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Answer: B depreciation of plant and machinery
24.
Prime cost is
1. A.#53,000
2. B.#46,300
3. C.#52,750
4. D.#49,950
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Answer: D #49,950
25.
Production cost is
1. A.#56,300
2. B.#53,000
3. C.#55,800
4. D.#57,300
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Answer: C #55,800
26.
Provision for depreciation on delivery van is charged to
1. A.manufacturing account
2. B.trading account
3. C.profit and loss account
4. D.appropriation account
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Answer: C profit and loss account
27.
Receipts and payments account discloses
1. A.creditors
2. B.debtors
3. C.capital items
4. D.prepayment
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Answer: C capital items
28.
Receipts and payments Account of Abalure Youth Club for the year ended 31st December 2018 Subscriptions for 2017 and 2019 received during the year were #180,000 and #150,000 respectively. Total expenses debited to income and expenditure Account for 2018 was
1. A.#8,095,000
2. B.#4,095,000
3. C.#4,515,000
4. D.#1,610,000
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Answer: A #8,095,000
29.
Receipts and Payments Account of Abalure Youth Club for the year ended 31st December 2018 Subscriptions for 2017 and 2019 received during the year were #180,000 and #150,000, respectively. The surplus for the year 2018 was
1. A.#5,235,000
2. B.#7,865,000
3. C.#5,845,000
4. D.#7,535,000
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Answer: A #5,235,000
30.
Resources owned and controlled by a business are classified as
1. A.capital
2. B.liabilities
3. C.drawings
4. D.assets
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Answer: D assets
31.
Shares issued below the nominal value are referred to as shares at
1. A.discount
2. B.face value
3. C.cumulative value
4. D.premium
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Answer: A discount
32.
Sulah took two textile materials worth GH¢ 500 from his business for his children's use. This would be treated as
1. A.drawings
2. B.loan
3. C.stock
4. D.sales
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Answer: A drawings
33.
Suspense account is used in the correction of
1. A.errors that affect the agreement of a trial balance
2. B.errors that affect the accuracy of the net profit
3. C.errors that do not affect the agreement of a trial balance
4. D.all errors in the trial balance
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Answer: A errors that affect the agreement of a trial balance
34.
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being #4,000. The following transactions took place for a particular month: Dec 1 petty cash in hand 517 1 petty cash to imprest 3,483 6 Bought notebooks 328 7 Paid wages 914 14 Bought postage stamps 375 16 Paid to J. Thomas, a creditor 536 21 Paid wages 928 23 Bought envelopes 437 27 Bought postage stamps 210 Amount spent on stationery is
1. A.#585
2. B.#437
3. C.#538
4. D.#765
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Answer: D #765
35.
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being #4,000. The following transactions took place for a particular month: Dec 1 petty cash in hand 517 1 petty cash to imprest 3,483 6 Bought notebooks 328 7 Paid wages 914 14 Bought postage stamps 375 16 Paid to J. Thomas, a creditor 536 21 Paid wages 928 23 Bought envelopes 437 27 Bought postage stamps 210 Amount to be posted to the personal ledger is
1. A.#765
2. B.#536
3. C.#517
4. D.#585
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Answer: B #536
36.
The accounting principle that states that, in the preparation of an accounting statement, revenue is recognized as soon as goods are passed on to the customer is the
1. A.matching concept
2. B.materiality concept
3. C.consistency concept
4. D.realization concept
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Answer: D realization concept
37.
The balance on the Sales Ledger Control Account at the end of the accounting year represents total
1. A.credit sales for the year
2. B.trade debtors at the end of the year
3. C.cash sales for the year
4. D.amount transferred from the Sales Day Book
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Answer: B trade debtors at the end of the year
38.
The balance sheet as at 31st December, 2014, will show
1. A.current liability of ₦400
2. B.current liability of ₦600
3. C.current asset of ₦600
4. D.current asset of ₦400
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Answer: D current asset of ₦400
39.
The capital of a sole trader changes as a result of
1. A.drawings by cheque
2. B.equipment purchased by cheque
3. C.paying wages by cash
4. D.goods purchase by cheque
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Answer: A drawings by cheque
40.
The Chief Accounting Officer of the federation is
1. A.Auditor General
2. B.Minister of Finance
3. C.Accountant General
4. D.Chief Accountant
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Answer: C Accountant General
41.
The class of share to which payment of dividend depends on profit is
1. A.preference shares
2. B.bonus shares
3. C.forfeited shares
4. D.ordinary shares
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Answer: D ordinary shares
42.
The cost of raw materials consumed is
1. A.#43,500
2. B.#45,500
3. C.#45,000
4. D.#53,000
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Answer: A #43,500
43.
The directors of Olu Ltd. recommended a dividend of 10% on 1,000,000 ordinary share capital of GH¢ 2.00 each. The amount of dividend declared is
1. A.GH¢ 10,000
2. B.GH¢ 200,000
3. C.GH¢ 100,000
4. D.GH¢ 20,000
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Answer: B GH¢ 200,000
44.
The document which sets out the internal arrangement for the proper management of a company is the
1. A.memorandum of association
2. B.prospectus
3. C.certificate of incorporation
4. D.article of association
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Answer: D article of association
45.
The head office usually issues goods to branches at
1. A.cost price
2. B.prime cost
3. C.net realisable value
4. D.production cost
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Answer: A cost price
46.
The objective of a departmental accounts is to ascertain the
1. A.departmental labour turnover
2. B.departmental performance
3. C.stock held by the departmental
4. D.number of staff in the department
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Answer: B departmental performance
47.
The process of distributing shares to successful applicants is
1. A.allocation
2. B.application
3. C.allotment
4. D.apportionment
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Answer: C allotment
48.
The process of recording the financial transactions of government is
1. A.cost accounting
2. B.management accounting
3. C.public sector accounting
4. D.financial accounting
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Answer: C public sector accounting
49.
The transfer of goods between departments is recorded by debiting
1. A.stock account and crediting trading account
2. B.trading account and crediting purchases account
3. C.the receiving department and crediting the giving department
4. D.the giving department and crediting the receiving department
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Answer: C the receiving department and crediting the giving department
50.
Use the following information to answer questions 11 and 12. Receipt and Payments: 31st December, 2016 The total income received for the year is
1. A.#1,980
2. B.#1,690
3. C.#2,640
4. D.#2,180
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Answer: C #2,640
51.
Use the following information to answer questions 11 and 12. The surplus for the year is
1. A.#1,970
2. B.#1,650
3. C.#1,330
4. D.#1,890
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Answer: B #1,650
52.
Use the following information to answer questions 52 to 54 Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being #4,000. The following transactions took place for a particular month: Dec 1 petty cash in hand 517 1 petty cash to imprest 3,483 6 Bought notebooks 328 7 Paid wages 914 14 Bought postage stamps 375 16 Paid to J. Thomas, a creditor 536 21 Paid wages 928 23 Bought envelopes 437 27 Bought postage stamps 210 Amount to be reimbursed at the end of the month is
1. A.#4,000
2. B.#3,728
3. C.#1,842
4. D.#3,483
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Answer: B #3,728
53.
Use the following information to answer the question The following transactions were recorded in the cash book of Ibusah for the month of February 2019 The balance brought down at the end of the month is
1. A.D 306,900
2. B.D 278,000
3. C.D 154,800
4. D.D 478,300
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Answer: B D 278,000
54.
Use the following information to answer the question The following transactions were recorded in the cash book of Ibusah for the month of February 2019: The total income for the month is
1. A.D 478,300
2. B.D 278,000
3. C.D 154,800
4. D.D 180, 000
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Answer: B D 278,000
55.
Use the following information to answer this question A fixed asset was bought for #60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was sold for #16,000 on 30th June, 2001. The net book value at the time of sale was
1. A.#17,000
2. B.#16,000
3. C.#33,000
4. D.#30,000
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Answer: C #33,000
56.
Use the following information to answer this question A fixed asset was bought for #60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was sold for #16,000 on 30th June, 2001. The profit or loss sale was
1. A.17,000 loss
2. B.#16,000 loss
3. C.#17,000 profit
4. D.#16,000 profit
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Answer: A 17,000 loss
57.
Use the following information to answer this question Rent for 2014 chargeable to the profit and loss account is
1. A.₦3,400
2. B.₦3,000
3. C.₦4,000
4. D.₦2,800
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Answer: A ₦3,400
58.
When shares are sold at less than the nominal value, it means they are issued at
1. A.a premium
2. B.par
3. C.a loss
4. D.a discount
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Answer: D a discount
59.
When the going concern concept is no longer applicable, the fixed assets are recorded at their
1. A.realizable value
2. B.revalued amount
3. C.gross value
4. D.net book value
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Answer: A realizable value
60.
Which of the following describe trial balance?
1. A.It is a special account
2. B.It reveals the financial position of a business
3. C.It is a list of accounting balances on the books
4. D.It shows all the entries in the books
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Answer: C It is a list of accounting balances on the books
61.
Which of the following errors affects the agreement of a Trial Balance?
1. A.Posting the Purchase of a van to the debit side of the purchases account
2. B.Failure to enter sales in the books
3. C.Wrong addition in the sales account
4. D.Crediting a purchase to A. Tambi's account instead of F. Tambi's account
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Answer: C Wrong addition in the sales account
62.
Which of the following is a component of prime cost?
1. A.Factory rent
2. B.Depreciation
3. C.Factory electricity
4. D.Royalty
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Answer: D Royalty
63.
Which of the following is a primary source of entry into the debtors ledger?
1. A.Sales invoices
2. B.Suppliers invoices
3. C.Payment vouchers
4. D.Returns outward notes
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Answer: A Sales invoices
64.
Which of the following is a spreadsheet application?
1. A.Excel
2. B.Internet
3. C.Windows
4. D.Word
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Answer: A Excel
65.
Which of the following is an advantage of the imprest system?
1. A.making high profits in the business
2. B.Rewarding the imprest holder
3. C.Meeting small items of expenditure
4. D.Easy preparation of the final accounts
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Answer: C Meeting small items of expenditure
66.
Which of the following is apportioned in proportion of the purchases of each department?
1. A.Carriage outwards
2. B.Selling commission
3. C.Bad debts
4. D.Discounts received
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Answer: D Discounts received
67.
Which of the following is determined in the Trading Account?
1. A.Net profit
2. B.Prime cost
3. C.Factory overheads
4. D.Cost of goods sold
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Answer: D Cost of goods sold
68.
Which of the following is not a credit item in the Sales Ledger Control Account?
1. A.Dishonoured cheque
2. B.Discount allowed
3. C.Cash received
4. D.Returns inward
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Answer: A Dishonoured cheque
69.
Which of the following is not a real account?
1. A.Patent account
2. B.Motor Vehicle account
3. C.Building account
4. D.Furniture account
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Answer: A Patent account
70.
Which of the following is not a source document?
1. A.Invoice
2. B.Credit note
3. C.Debit note
4. D.Bank note
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Answer: D Bank note
71.
Which of the following is not credited to debtors control account?
1. A.Bad debts
2. B.Discounts allowed
3. C.Provision for bad debt
4. D.Bills receivable
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Answer: C Provision for bad debt
72.
Which of the following is not part of prime cost of production?
1. A.depreciation of factory equipment
2. B.direct expenses
3. C.cost raw materials
4. D.carriage on raw materials
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Answer: A depreciation of factory equipment
73.
Which of the following is not part of the double-entry system?
1. A.Profit and Loss Account
2. B.Appropriation Account
3. C.Trading Account
4. D.Balance sheet
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Answer: D Balance sheet
74.
Which of the following is not true of a trial balance?
1. A.list taken of the account balance in the general ledger
2. B.proof of the arithmetical accuracy of the ledger postings
3. C.list of account abstracted from a subsidiary ledger to check their agreement with the related control account
4. D.summary of data for the preparation of financial statement
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Answer: C list of account abstracted from a subsidiary ledger to check their agreement with the related control account
75.
Which of the following is the basis of accounting in public service?
1. A.Expenditure
2. B.Accrual
3. C.Profit
4. D.Cash
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Answer: A Expenditure
76.
Which of the following is used before the appropriation bill is approved?
1. A.reserved expenditure warrant
2. B.virement warrant
3. C.supplementary general warrant
4. D.provisional general warrant
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Answer: D provisional general warrant
77.
Which of the following terms is not used to describe the total amount stated in the memorandum of association approved by the Registrar of Companies?
1. A.Registered capital
2. B.Issued capital
3. C.Authorised capital
4. D.Nominal capital
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Answer: B Issued capital
78.
Which of the following transactions is a revenue expenditure?
1. A.Purchase of a new engine
2. B.Construction of office wall
3. C.Purchase of fuel for vehicle
4. D.Purchase of a plant
Show answerHide answer
Answer: C Purchase of fuel for vehicle

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