Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer this question
A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.
If the scrap value is presently ₦15,000 what will be the yearly depreciation using straight-line method?

A ₦7,000
B ₦11,000
C ₦4,000
D ₦24,000

Question 1387:

Fiyinfoluwa Motors bought three Toyota Hilux vans on cash at the cost of ₦6,000,000 on debiting the vehicle account, the corresponding credit for the purchase will appear in the

A Sales day book
B Cash book
C Sales subsidiary book
D Purchase day book

Question 1388:

The term "accounting period" is used to refer to the

A Time span, usually one year covered by the financial statement
B Period within which debtors are expected to settle accounts
C Time, span during which taxes are paid to the inland revenue board
D Budget period, usually one year relied on by the accountant

Question 1389:

Appropriation Account
TAYO TOPE
₦ ₦
interest on capital 750 550
Salaries 800 600
Share of profit 3,300 3,300
Determine the net profits of the partnership

A ₦6,600
B ₦9,300
C ₦4,450
D ₦4,850

Question 1390:

JAMB 2023

Shares are said to be authorized when they are ____________

A Paid -up
B Called up
C Offered for sale
D Subscribed