Adjustments - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 46:

• JAMB 2013

A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.
If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?

A. #4,000
B. #7,000
C. #11,000
D. #24,000

Question 47:

• JAMB 2014

If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be

A. #700,000
B. #240,000
C. #220,000
D. #202,000

Question 48:

• 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 49:

• JAMB 2015

Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000

A. N16,000
B. N17,000
C. N13,000
D. N14,000

Question 50:

• JAMB 2015

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000

A. N52,000
B. N51,000
C. N55,000
D. N50,000