Jamb Accounts - Principles of Accounts Questions
Question 201:
Asa Company bought a vehicle worth N20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years?
- A N19,000.00
- B N18,050.50
- C N17,147.50
- D 16,290.13
Question 202:
Chibuike bought 36 notebooks at N10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?
- A N338.58
- B N342.00
- C N345.42
- D N360,00
Question 203:
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 204:
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 205:
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