Jamb Accounts - Principles of Accounts 2007 Past Questions and Answers

Question 21:

• JAMB 2007

Partners' share of profit is credited to?

A. A partner's current account
B. A partner's capital account
C. The profit and loss account
D. The profit and loss appropriation account

Question 22:

• JAMB 2007

A pension granted to any past president or vice-president shall be charged to the?

A. Consilidation revenue fund
B. Special pension fund
C. Contingency fund
D. Development fund

Question 23:

• JAMB 2007

The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?

A. N35m
B. N14m
C. N56m
D. N28m

Question 24:

• JAMB 2007

Stock valuation is useful because it forms the sales department on the?

A. Price of the competing goods
B. Prices that will affect profitability
C. Number of goods to produce
D. Number of goods to sell

Question 25:

• JAMB 2007

Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
Using the straight method. The depreciation of the asset in the first year was?

A. N210m
B. N343m
C. N105m
D. N270m