1999 - JAMB Accounting Past Questions and Answers - page 2
11
The fixed amount of money given to a petty cashier at the beginning of a period is called?
A
imprest
B
petty cash
C
float
D
cash advance
correct option: c
Users' Answers & Comments12
A provision for bad debt account had N3,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/2% of annual sales, what was the credit sales for the period?
A
N2,100,000
B
N844,400
C
N840,000
D
N500,000
correct option: b
Users' Answers & Comments13
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
correct option: c
Users' Answers & Comments14
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
correct option: a
Users' Answers & Comments15
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
correct option: a
Users' Answers & Comments16
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
correct option: c
Users' Answers & Comments17
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
correct option: c
Users' Answers & Comments18
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
correct option: c
Users' Answers & Comments19
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
correct option: d
Users' Answers & Comments20
Lawal and co makes blocks and sell to builders.
In computing prime cost, which of the following costs would be considered appropriate?
In computing prime cost, which of the following costs would be considered appropriate?
A
Cement, sand and carriage outwards
B
Water carriage inwards and cement
C
Sales boys'wages, cement and sand
D
Carriage outwards,carriage inwards and cement
correct option: a
Users' Answers & Comments