The Final Accounts of a Sole Trader - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 176:

• JAMB 2018

	N
sales	20,000
cost of sales	10,000
operating expenses	2,500
expenses prepaid included in operating expenses	500

use the information above to answer the following question.


calculate the net profit.

A. N12,500
B. N10,000
C. N8,000
D. N7,500

Question 177:

• JAMB 2018

Kakaku limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/2106. The company's policy, provides for 15%bad debt annually. Which of the following represents the total balance of debtors before adjustment?

A. N6,120,000
B. N8,280,000
C. N6,120,300
D. N8,820,000

Question 178:

• JAMB 2019

If only wages is shown on the trial balance, it should be charged to the

A. Profit and loss account
B. Trading account
C. Balance sheet
D. Wages account

Question 179:

• JAMB 2019

A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as

A. Estimate
B. Depreciation
C. Asset
D. Useful Life

Question 180:

• JAMB 2019

The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?

A. 6000
B. 1000
C. 1500
D. 2500