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Accounts - Principles of Accounts 2007 JAMB Past Questions

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21
A pension granted to any past president or vice-president shall be charged to the?
  • A. consilidation revenue fund
  • B. special pension fund
  • C. contingency fund
  • D. development fund
View Answer & Discuss JAMB 2007
22

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?

  • A. N35m
  • B. N14m
  • C. N56m
  • D. N28m
View Answer & Discuss (6) JAMB 2007
23
Stock valuation is useful because it forms the sales department on the?
  • A. price of the competing goods
  • B. prices that will affect profitability
  • C. number of goods to produce
  • D. number of goods to sell
View Answer & Discuss JAMB 2007
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24
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?
  • A. N210m
  • B. N343m
  • C. N105m
  • D. N270m
View Answer & Discuss JAMB 2007
25
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?
  • A. N63m
  • B. N133m
  • C. N36m
  • D. N28m
View Answer & Discuss JAMB 2007
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