Jamb Accounts - Principles of Accounts 2006 Past Questions and Answers

Question 1:

• JAMB 2006

Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?

A. Stock account and credit profit and loss account
B. Drawings account and credit stock account
C. Profit and loss account and credit drawing account
D. Stock account and credit drawings account

Question 2:

• JAMB 2006

Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?

A. Stock account and credit profit and loss account
B. Drawings account and credit stock account
C. Profit and loss account and credit drawing account
D. Stock account and credit drawings account

Question 3:

• JAMB 2006

Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
Calculate the yearly depreciation expense using the straight line method.

A. N11 000
B. N11 200
C. N11 400
D. N11 300

Question 4:

• JAMB 2006

Use the information below to answer questions .
On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.
the rate of the yearly depreciation expense would be?

A. 50%
B. 40%
C. 30%
D. 20%

Question 5:

• JAMB 2006

The objective of the purchase ledger control account is to established the?

A. Credit purchases
B. Net profit
C. Total purchases
D. Gross profit