Jamb Accounts - Principles of Accounts 2018 Past Questions and Answers

Question 56:

• 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.


The yearly depreciation using the straight line method would be

A. N8,800
B. N6,500
C. N5,200
D. N4,400

Question 57:

• JAMB 2018

The accounting entries used to record a cheque issued by a business is to?

A. Debit cash book and credit drawer
B. Credit cash book and debit drawer
C. Debit cash book and credit suspense account
D. Credit cash book and debit suspense account

Question 58:

• JAMB 2018

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

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

Question 59:

• JAMB 2018

which of the following affects the accuracy and authenticity of trial balance?

A. Error of ommission
B. Error of commission
C. Error of transposition
D. Error of original entry

Question 60:

• JAMB 2018

The major advantages of an imprest system is that it ?

A. Ensures a proper accountability for every expenditure
B. Trains the young accountants in the preparation for greater responsibility
C. Relieves the chief cashier of the numerous petty cash payments
D. Serves as an analysis column for every expenses