2006 JAMB Accounts Past Questions & 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

↪ Solution

Correct Option: B

No further explanations yet...

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

↪ Solution

Correct Option: A

No further explanations yet...

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%

↪ Solution

Correct Option: D

No further explanations yet...

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

↪ Solution

Correct Option: A

No further explanations yet...

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

↪ Solution

Correct Option: B

No further explanations yet...

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

↪ Solution

Correct Option: C

No further explanations yet...

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

↪ Solution

Correct Option: B

No further explanations yet...

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

↪ Solution

Correct Option: B

No further explanations yet...

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

↪ Solution

Correct Option: D

No further explanations yet...

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

↪ Solution

Correct Option: A

No further explanations yet...

2006 JAMB Accounts Past Questions & Answers - page 1

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Junior WAEC (BECE)

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