Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 396:

• JAMB 2003

The transaction that completes its double entry in the same ledger account appears in?

A. Cash account and personal account
B. Bank account and general ledger
C. Discount received and discount allowed
D. Cash account and bank accont

Question 397:

• JAMB 2003

The recording phase of accounting is known as?

A. Bookkeeping
B. Trial balancing
C. Ledger accounting
D. Final accounting

Question 398:

• JAMB 2003

Given:
Capital ...........N1000
Liabilities........N500
Assets.............N1500
The accounting equation can be expressed as?

A. N1000 + N500 + N1500 = N3000
B. N1000 - N500 + N1500 = N2000
C. N1000 + N500 = N1500
D. N1500 + N500 = N2000

Question 399:

• JAMB 2003

Use the information below to answer questions .
Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?

A. N280,000
B. N289,000
C. N250,000
D. N340,000

Question 400:

• JAMB 2003

Use the information below to answer questions .
Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
What is the actual profit or loss arising from the vehicle disposed of?

A. N250 000 loss
B. N50 000 loss
C. N450 000 profit
D. N575 000 profit