Jamb Accounts - Principles of Accounts 2018 Past Questions and Answers

Question 51:

• JAMB 2018

Which of the following is not an inventory costing method?

A. FIFO
B. LIFO
C. Average cost method
D. LILA

Question 52:

• JAMB 2018

The major source of document which enables employer to calculate the employee wages is the?

A. Norminal roll of employees
B. Records of number of hours worked
C. Effort of the employee
D. Record of independence per employee

Question 53:

• JAMB 2018

The total credit sales for a period can be extracted from the?

A. Cash book
B. Sales day book
C. Petty cash book
D. Returns inwards

Question 54:

• JAMB 2018

A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.


If the scrap value is presently N15,000, what will be the yearly depreciation using the straight line method?

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

Question 55:

• JAMB 2018

Mrs. Okoro who lives in the riverine community of Rivers State makes her living through crabbing and fishing. This type of occupation is?

A. Commercial
B. Manufacturing
C. Service
D. Extractive