JAMB Accounting 2023 Objective — Question 26

Question 26 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2023 Objective paper, with the correct answer and a full explanation.

The amount received for over application is A.

A. #500,000
B. #250,000Correct
C. #1,000,000
D. #12,500,00

Explanation

Monies received on over application = #0.05 x (1,000,000-500,000) = #0.05 x 500,000 = #250,000.

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