Jamb Accounts - Principles of Accounts 2014 Past Questions and Answers

Question 46:

• JAMB 2014

In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is

A. Virement
B. Fund accounting
C. Consolidated fund
D. Financial regulation

Question 47:

• JAMB 2014

The formula for calculating depreciation using straight line method is

A. \( \frac{\text{Scrape Value} + \text{Sales}}{Useful life} \)
B. \( \frac{\text{Cost } - \text{Scrape Value}}{Useful life} \)
C. \( \frac{\text{Sales } - \text{Scrape Value}}{Useful life} \)
D. \( \frac{\text{Purchases } + \text{Sales }}{Useful life} \)

Question 48:

• JAMB 2014

Determine the closing stock.

A. N30,000
B. N40,000
C. N50,000
D. N60,000

Question 49:

• JAMB 2014

What is the total income for the period?

A. N13,890
B. N13,500
C. N10,500
D. N9,500