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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 46:
JAMB 2014
In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is
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  • A Virement
  • B Fund accounting
  • C Consolidated fund
  • D Financial regulation
View Answer & Explanation
Question 47:
JAMB 2014
The formula for calculating depreciation using straight line method is
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  • A \( \frac{\text{Scrape Value} + \text{Sales}}{Useful life} \)
  • B \( \frac{\text{Cost } - \text{Scrape Value}}{Useful life} \)
  • C \( \frac{\text{Sales } - \text{Scrape Value}}{Useful life} \)
  • D \( \frac{\text{Purchases } + \text{Sales }}{Useful life} \)
View Answer & Explanation
Question 48:
JAMB 2014
Determine the closing stock.
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  • A N30,000
  • B N40,000
  • C N50,000
  • D N60,000
View Answer & Explanation
Question 49:
JAMB 2014
What is the total income for the period?
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  • A N13,890
  • B N13,500
  • C N10,500
  • D N9,500
View Answer & Explanation

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