Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1386:

• JAMB 2020

Use the information below to answer this question
A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.
If the scrap value is presently ₦15,000 what will be the yearly depreciation using straight-line method?

A. ₦7,000
B. ₦11,000
C. ₦4,000
D. ₦24,000

Question 1387:

• JAMB 2020

Fiyinfoluwa Motors bought three Toyota Hilux vans on cash at the cost of ₦6,000,000 on debiting the vehicle account, the corresponding credit for the purchase will appear in the

A. Sales day book
B. Cash book
C. Sales subsidiary book
D. Purchase day book

Question 1388:

• JAMB 2020

The term "accounting period" is used to refer to the

A. Time span, usually one year covered by the financial statement
B. Period within which debtors are expected to settle accounts
C. Time, span during which taxes are paid to the inland revenue board
D. Budget period, usually one year relied on by the accountant

Question 1389:

• JAMB 2020

Appropriation Account
TAYO TOPE
₦ ₦
interest on capital 750 550
Salaries 800 600
Share of profit 3,300 3,300
Determine the net profits of the partnership

A. ₦6,600
B. ₦9,300
C. ₦4,450
D. ₦4,850