Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 951:

• 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 952:

• JAMB 2014

Balance sheet (Extract)
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
The value of the current assets will be

A. #10,361
B. #10,651
C. #17,396
D. #17,848

Question 953:

• JAMB 2014

Balance sheet (Extract)
Creditors #7,940
Prepaid expenses # 290
Accrual expenses # 323
Stock #4,500
Cash balance #4,956
Debtors # 905
Determine the current liabilities

A. #8,553
B. #8,263
C. #7,940
D. #1,228

Question 954:

• JAMB 2014

The excess of sales over cost of goods sold is

A. Gross sales
B. Gross profit
C. Net profit
D. Net sales

Question 955:

• JAMB 2014

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Determine the cost of goods sold using FIFO

A. #285,000
B. #300,000
C. #570,000
D. #600,000