Adjustments - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 41:

• JAMB 2007

A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?

A. N20
B. N40
C. N400
D. N200

Question 42:

• JAMB 2008

The factor that determine the periodic depreciation charge are?

A. Asset cost, market value and useful life
B. Asset cost, market value and residusl value
C. Asset value, cash value useful life
D. Asset cost, salvage and useful life

Question 43:

• JAMB 2010

Benefit enjoyed for which payments have not been made are?

A. Accruals
B. Prepayments
C. Acquisitions
D. Provisions

Question 44:

• JAMB 2010

Use the information below to answer questions
Sundry debtor..................N20,000
Provision for bad debts........N500
Provision for bad debt at 4% of sundry debtors.
Determine the provision for bad debts to profit and loss account?

A. N500
B. N820
C. N1300
D. N300

Question 45:

• JAMB 2010

Use the information below to answer questions
Sundry debtor..................N20,000
Provision for bad debts........N500
Provision for bad debt at 4% of sundry debtors.

Calculate the provision to be taken to the balance sheet?

A. N780
B. N800
C. 1200
D. N200