Jamb Accounts - Principles of Accounts Questions
Question 16:
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 17:
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 18:
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
Question 19:
In dealing with incomplete records, fixed assets are posted to?
- A Opening profit and loss as brought forward figures
- B Closing balance sheet as carried forward figures
- C Closing balance sheets as brought forward figures
- D Closing profit and loss as brought forward figures
Question 20:
When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?
- A Debting manufacturing account and crediting trading acccount
- B Crditing sales account and debtiting trading account
- C Debiting sales account and crediting trading account
- D Crediting manufacturing account and debiting trading account