Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 651:

• JAMB 2008

The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?

A. Smart card
B. Communication network
C. Magnetic strip
D. Computerized account

Question 652:

• JAMB 2008

Use the information below to answer question .
Capital.......N12 700........Purchases......N7 100
Debtors.......N4 000........Stationery.....N1 900
Sales.........N2 400........Wages..........N1 230
The owners wishes to maintain an account equal to of capital as drawings.
What is the amount withdrawn?

A. N9525
B. N9000
C. N7100
D. N6400

Question 653:

• JAMB 2008

\(\begin{array}{c|c}
\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\
\hline
\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\
\hline
\text{Sales} & 2,400 & \text{Wages} & 1,230 \\
\end{array}\)
Determine the closing balance of the cash book?

A. N655 credit
B. N655 debit
C. N130 credit
D. N130 debit

Question 654:

• JAMB 2008

The factor that determine the periodic depreciation charge are?

A. Asset cost, market value and useful life
B. Asset cost, market value and residusl value
C. Asset value, cash value useful life
D. Asset cost, salvage and useful life

Question 655:

• JAMB 2008

Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the simple average method, what is the cost per unit of the closing stock?

A. N80
B. N74
C. N64
D. N60