Jamb 2020 mock Commerce Expo/Answers




Commerce 2019 JAMB Past Questions

Commerce 2019 JAMB Past Questions
1. A partnership may be automatically dissolved due to the following factors except________
A. Court verdict
B. Joint decision
C. Admission of new partners
D. Bankruptcy of a partner
Correct Answer: Option C
Explanation
Dissolution of partnership is the coming to an end of a partnership agreement, i.e the breakup of a partnership business.
2. One of the disadvantages of Sole Proprietorship is__________
A. It requires small operations
B. It involves small capital
C. It lacks specialization
D. Grants from government
Correct Answer: Option C
Explanation
The lack specialization because the owner is personally involved in every section of the business.
3. In the formation of a united liability company, the following documents are prepared except_______
A. Memorandum of Association
B. Article of Association
C. Statement of Nominal Capita
D. Prospectus
Correct Answer: Option D
Explanation
A prospectus is an invitation to the public to purchase shares or debentures. It is most often issued by public limited companies.
4. The process of winding up or bringing a company to an end is________
A. Dissolution
B. Liquidation
C. Integrating
D. Merger
Correct Answer: Option B
Explanation
Liquidation is the termination of a company when it has completed the business for which it was created.
5. Use the following information to answer this question.

The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
Initial Capital 5000
Net Profit 1000
Furniture 2000
Equipment 2900
Debtors 100
Stock 1000
Bank 500
From the above, calculate Current assets

A. 1600
B. 1060
C. 1500
D. 600
Correct Answer: Option A
Explanation
Current Assets N
Debtors 100
Stock 1000
Bank 500
1600

6. The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
Initial Capital 5000
Net Profit 1000
Furniture 2000
Equipment 2900
Debtors 100
Stock 1000
Bank 500
From the above, calculate Fixed assets
A. 6500
B. 2000
C. 4900
D. 600
Correct Answer: Option C
Explanation
Fixed Assets N
Furniture 2000
Equipment 2900
4900
7. The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
Initial Capital 5000
Net Profit 1000
Furniture 2000
Equipment 2900
Debtors 100
Stock 1000
Bank 500
From the above, calculate Current liabilities
A. 100
B. 6000
C. 600
D. 3000
Correct Answer: Option C
Explanation
From accounting equation;
Assets = Capital + liabilities
Therefore, liabilities = Assets – Capital
Liabilities = (4900 + 1600) – (500 + 1000) = 6500 – 6000
⇒ ₦600
8. In a law of contract, what is given in exchange for a promise to perform is_____
A. offer
B. acceptance
C. warranty
D. consideration
Correct Answer: Option D
Explanation
Consideration is one of the valid element of a contract. It is the price for which a promise is bought.
9. In Nigeria, it is mandatory for all business enterprises to be registered with the________
A. Government
B. Corporate Affairs Commission
C. Agent
D. Enterprise
Correct Answer: Option B
Explanation
All businesses must be registered with the Corporate Affairs Commission and a certificate of incorporation will be issued to any business incorporated.
10. All but one does not provide an Indirect Service?
A. Custom Officers
B. Family Doctors
C. Civil Servants
D. Law Makers
Correct Answer: Option A
Explanation
Indirect service are services rendered to the general public but they are not paid by the members of the public directly. The government will pay them from taxes and levies paid by the public.
11. Examples of Commercial occupation are all except___________
A. Bankers
B. Traders
C. Insurers
D. Goldsmith
Correct Answer: Option D
Explanation
Commercial occupation are those activities involved in the distribution and exchange of goods and services.
12. All but one is not an output devices?
A. Joystick
B. Monitor
C. Plotter
D. Printer
Correct Answer: Option A
Explanation
An output device is

About Olive 652 Articles
Ceo Oliveloaded

Be the first to comment

Leave a Reply

Your email address will not be published.


*