2006 - JAMB Accounting Past Questions and Answers - page 1

1
Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?
A
stock account and credit profit and loss account
B
drawings account and credit stock account
C
profit and loss account and credit drawing account
D
stock account and credit drawings account
correct option: b
Users' Answers & Comments
2
Use the information below to answer questions .

On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.

Calculate the yearly depreciation expense using the straight line method.
A
N11 000
B
N11 200
C
N11 400
D
N11 300
correct option: a
Users' Answers & Comments
3
Use the information below to answer questions .

On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.

the rate of the yearly depreciation expense would be?
A
50%
B
40%
C
30%
D
20%
correct option: d
Users' Answers & Comments
4
The objective of the purchase ledger control account is to established the?
A
credit purchases
B
net profit
C
total purchases
D
gross profit
correct option: a
Users' Answers & Comments
5
The objective of a trading account is to establish the?
A
cost of goods sold
B
gross profit
C
manufacturing profit
D
net profit
correct option: b
Users' Answers & Comments
6
A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the?
A
weighted average method
B
simple average method
C
FIFO method
D
LIFO method
correct option: c
Users' Answers & Comments
7
Use the information below to answer question .

Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000

The company maintains a current ratio of 3:1.
The capital balance is?
A
N95 00
B
N12 500
C
11 500
D
10 00
correct option: b
Users' Answers & Comments
8
Use the information below to answer question .

Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000

Determine the current assets?
A
N7 000
B
N6 000
C
N8 000
D
N9 000
correct option: b
Users' Answers & Comments
9
The difference in the sales ledger control account is transferred to the?
A
profit and loss account
B
sales account
C
balance sheet
D
trading account
correct option: d
Users' Answers & Comments
10
Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?
A
deited by N100
B
credited by N100
C
credited by N1000
D
deited by N1000
correct option: a
Users' Answers & Comments
Please share this, thanks: