Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1041:

• JAMB 2015

The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

A. Appreciation
B. Amortization
C. Provisions
D. Depreciation

Question 1042:

• JAMB 2015

To realize an asset means to

A. Mortgage it
B. Open its account in the ledger
C. Turn it to cash
D. Give it out as a collateral

Question 1043:

• JAMB 2015

The process of cost apportionment is carried out so that

A. Indirect costs may be controlled
B. Cost units could gather overhead as they pass through cost centres
C. Variable costs may be controlled
D. Common costs are shared among cost centres

Question 1044:

• JAMB 2015

Preliminary expenses is an example of

A. Fictitious assets
B. Liquid assets
C. Wasting assets
D. Tangible assets

Question 1045:

• JAMB 2015

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\
\hline
\text{Raw materials dec.} & 5,800 \\
\hline
\text{Purchase of raw materials} & 45,000 \\
\hline
\text{Salary} & 61,000 \\
\hline
\text{Factory lubricant} & 2,050 \\
\hline
\text{plant depreciation} & 1,300 \\
\hline
\text{Factory insurance} & 1,250 \\
\end{array}\)
The prime cost for the company is

A. N169, 200
B. N44, 200
C. N55, 800
D. N230, 200