Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 611:

• JAMB 2007

Stock valuation is useful because it forms the sales department on the?

A. Price of the competing goods
B. Prices that will affect profitability
C. Number of goods to produce
D. Number of goods to sell

Question 612:

• JAMB 2007

Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
Using the straight method. The depreciation of the asset in the first year was?

A. N210m
B. N343m
C. N105m
D. N270m

Question 613:

• JAMB 2007

Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
What was the asset value at the beginning of the third year?

A. N63m
B. N133m
C. N36m
D. N28m

Question 614:

• JAMB 2007

Given:
Opening capitaL................N7 000
Additional capital.............N3 500
Net............................N2 500
Closing........................N10 250
The drawings for the period stand at?

A. N2570
B. N3750
C. N2500
D. N2570

Question 615:

• JAMB 2007

Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200
Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

A. N15 100 profit
B. N15 100 loss
C. N11 500 profit
D. N11 500 loss