2003 JAMB Accounts Past Questions & Answers - page 1
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Capital ...........N1000
Liabilities........N500
Assets.............N1500
The accounting equation can be expressed as?
Correct Option: C
No further explanations yet...Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?
Correct Option: C
No further explanations yet...Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.
What is the actual profit or loss arising from the vehicle disposed of?
Correct Option: C
No further explanations yet...(i) Order of performance
(ii) Order of liquidity
(iii)Vertical order
(iv) Horizontal order
The order in which a balance assets is arranged are?
Correct Option: C
No further explanations yet...Correct Option: A
No further explanations yet...Correct Option: D
No further explanations yet...Correct Option: B
No further explanations yet...Correct Option: B
No further explanations yet...Correct Option: B
No further explanations yet...Cost of raw materials issued to production.....N37000
Opening stock of raw material..................N2000
Purchases of raw material......................N3800
Wages .........................................N500
What is the closing stock of raw material?
Correct Option: B
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