Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 201:

• JAMB 1999

Asa Company bought a vehicle worth N20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years?

A. N19,000.00
B. N18,050.50
C. N17,147.50
D. 16,290.13

Question 202:

• JAMB 1999

Chibuike bought 36 notebooks at N10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?

A. N338.58
B. N342.00
C. N345.42
D. N360,00

Question 203:

• JAMB 1999

Depreciation on a particular piece of machinery was N2,700 during the fifth year of its service life and N4,050 during the sixth year. The logical explanation for this is that?

A. An addition was made to the asset during the sixth year
B. The estimate of salvage value on this equipment was decreased
C. A unit-of-output method of depreciation was used during the sixth year
D. The estimate remaining service life of the assets was increased at the beginning of the sixth year

Question 204:

• JAMB 1999

The main features of the single system are that?

A. Books of accounts are not maintained and business relies only on bank statement
B. The journal records are absent and only the main ledger is kept 7
C. There are incomplete classifications and recording procedures
D. Only credit sales transactions and credit purchase are recorded

Question 205:

• JAMB 1999

The principal function of a sales ledger control account is to?

A. Serve as internal check and provide quick information for the preparation of interim financial statements
B. Serve as external check and provide quick information for the preparation of interim financial statements
C. Provide quick information for the preparation of customers' statement
D. Provide information for the control of salesmen's activities