Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 61:

• JAMB 2019

The manufacturing account is prepared to ascertain

A. Cost of goods sold
B. Cost of production
C. Gross profit
D. Finished goods

Question 62:

• JAMB 2019

Which of the following is not charged to manufacturing account?

A. Direct expenses
B. Factory wages
C. Distribution expenses
D. Raw materials

Question 63:

• JAMB 2019

Which of the following cannot depreciate?

A. Plant and machinery
B. Motor van
C. Premises
D. Land

Question 64:

• JAMB 2019

A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120. Using the diminishing balance method, what is the amount of depreciation for second year?

A. ₦5,120
B. ₦6,400
C. ₦8,000
D. ₦12,500

Question 65:

• JAMB 2019

An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is

A. Ministry of Finance
B. Accountant General
C. Revenue office
D. Auditor General