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Accounts - Principles of Accounts 2016 JAMB Past Questions

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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
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42

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
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43

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
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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.
44
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
View Answer & Discuss (1) JAMB 2016
45
The yearly depreciation using the straight line method would be?
  • A. N5,200
  • B. N6,500
  • C. N8,800
  • D. N4,400
View Answer & Discuss (1) JAMB 2016
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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