Accounts - Principles of Accounts 2014 JAMB Past Questions - Myschool

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Accounts - Principles of Accounts 2014 JAMB Past Questions

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46

The formula for calculating depreciation using straight line method is

A. \( \frac{\text{Scrape Value} + \text{Sales}}{Useful life} \)
B. \( \frac{\text{Cost } - \text{Scrape Value}}{Useful life} \)
C. \( \frac{\text{Sales } - \text{Scrape Value}}{Useful life} \)
D. \( \frac{\text{Purchases } + \text{Sales }}{Useful life} \)

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47

Determine the closing stock.

A. N30,000
B. N40,000
C. N50,000
D. N60,000

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48

What is the total income for the period?

A. N13,890
B. N13,500
C. N10,500
D. N9,500

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49

What is the balance carried down?

A. N11,680
B. N11,930
C. N12,330
D. N13,430

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