Adjustments - Accountsprinciplesofaccounts Jamb Past Questions and Answers

Question 6 :

• JAMB 1997

The receipt of cash from a customer who bought goods with N800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to

A. N576
B. N588
C. N600
D. N624

Question 7 :

• JAMB 1997

Given:
Net profit-----------------------N25,000
Cost of sale---------------------N25,000
Sales----------------------------N85,000
Determine the total expenses.

A. N45,000
B. N35,000
C. N25,000
D. N15,000

Question 8 :

• JAMB 1997

The records of wages due but not yet paid is an example of an adjustment for

A. Apportionment of revenue between two periods
B. Recognizing accrued expenses
C. Recognizing unaccounted revenue
D. Recognizing prepaid expenses

Question 9 :

• JAMB 1997

The process of allocating the cost of an intangible assets over its useful life is known as

A. Depreciation
B. Extraction
C. Depletion
D. Amortization

Question 10 :

• JAMB 1997

The total of the creditors at the beginning of the year was N4,600 and at the end of the year N5,250. During the year, N26,500 was paid to suppliers and N130 was received in discounts from these suppliers. The purchases for the year would be

A. N26,630
B. N27,038
C. N27,150
D. N27,280