Jamb Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 41:

• JAMB 2016

The objective of departmental account is to

A. Ascertain the amount of profits or losses for the enterprise
B. Ascertain the amount of profits or losses for each department
C. Ascertain the cost of running the organization
D. Offset the loss of each department

Question 42:

• JAMB 2016

Which of the following expenses relate to the profit and loss account of a manufacturing firm?

A. Administrative overhead
B. Direct labour
C. Direct materials
D. Work-in-progress

Question 43:

• JAMB 2016

The difference between book keeping and accounting is that while

A. Book keeping interprets data, accounting records it
B. Book keeping is regarded as the language of the business accounting ascertians its strength and weakness
C. Book keeping records data accounting interprets it
D. Book keeping summaries information accounting communicatesit

Question 44:

• JAMB 2016

Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit

A. Saka's account and credit discount received account
B. Alaka's account and credit discount received account
C. Discount received account and credit Alaka's account
D. Discount allowed account and credit Alaka's account

Question 45:

• JAMB 2016

Use the information below to answer the question that follows,A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.


If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?

A. N11,000
B. N7,000
C. N4,000
D. N24,000