2016 - JAMB Accounting Past Questions and Answers - page 5
41
Which of the following expenses relate to the profit and loss account of a manufacturing firm?
A
Administrative overhead
B
Direct labour
C
Direct materials
D
Work-in-progress
correct option: a
Users' Answers & Comments42
The difference between book keeping and accounting is that while
A
book keeping interprets data, accounting records it
B
book keeping is regarded as the language of the business accounting ascertians its strength and weakness
C
book keeping records data accounting interprets it
D
book keeping summaries information accounting communicatesit
correct option: c
Users' Answers & Comments43
Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit
A
Saka's account and credit discount received account
B
Alaka's account and credit discount received account
C
Discount received account and credit Alaka's account
D
Discount allowed account and credit Alaka's account
correct option: a
Users' Answers & Comments44
Use the information below to answer the question that follows,
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000. If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000. If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?
A
N11,000
B
N7,000
C
N4,000
D
N24,000
correct option: c
Users' Answers & Comments45
Use the information below to answer the question that follows,
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000. The yearly depreciation using the straight line method would be?
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000. The yearly depreciation using the straight line method would be?
A
N5,200
B
N6,500
C
N8,800
D
N4,400
correct option: a
Users' Answers & Comments