2007 - JAMB Accounting Past Questions and Answers - page 3

A pension granted to any past president or vice-president shall be charged to the?

The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?

Stock valuation is useful because it forms the sales department on the?

Use the information below to answer question An asset was purchase for N343m in 2003. The estimated life of the asset was 3 years with a residual value of N28m. Using the straight method. The depreciation of the asset in the first year was?

Use the information below to answer question An asset was purchase for N343m in 2003. The estimated life of the asset was 3 years with a residual value of N28m. What was the asset value at the beginning of the third year?

Given: Opening capitaL................N7 000 Additional capital.............N3 500 Net............................N2 500 Closing........................N10 250 The drawings for the period stand at?

Use the information below to answer questions ........................1/7/2005............30/6/2006 Drawings.....................................N3 000 Capital.................25 000...............N42 500 Furniture...............6 500...............N10 200 Additional capital during the year amounts to 300% of the drawings. Calculate the net profit or loss made during the year.

Use the information below to answer questions ........................1/7/2005............30/6/2006 Drawings.....................................N3 000 Capital.................25 000...............N42 500 Furniture...............6 500...............N10 200 Additional capital during the year amounts to 300% of the drawings. What is the amount of the additional capital?

(i) Facilitating the preparation of final accounts (ii) Making the existence of error easy to detect (iii)Checking the accuracy of positions periodically. From the above, which of the following are among the uses of control accounts?

Use the information below to answer question Debtors.................................N20 Provision for bad debts..................10% Provision for discount on debtors........5% Determine the amount provided for discount allowed on debtors?