Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1301:

• JAMB 2019

A machine cost ₦12,500 it will be kept for 4 years and then sold at a scrap value of ₦5,120. Using the diminishing balance method, what is the amount of depreciation for second year?

A. ₦5,120
B. ₦6,400
C. ₦8,000
D. ₦12,500

Question 1302:

• JAMB 2019

An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is

A. Ministry of Finance
B. Accountant General
C. Revenue office
D. Auditor General

Question 1303:

• JAMB 2019

The instrument isued by the Minister who authorized an officer to incure expenditure is a/an

A. Warrant
B. Budget
C. Imprest
D. Consolidated fund

Question 1304:

• JAMB 2019

One of the objective of maintaining the account of a branch at the head office is to

A. To access the performance of the branches
B. Check the excesses of customers
C. Record charges in shareholdings
D. Record charges in liabilities

Question 1305:

• JAMB 2019

A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is

A. ₦20,000
B. ₦6,000
C. ₦6,174
D. ₦10,000