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Accounts - Principles of Accounts Past Questions

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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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496
Partners' share of profit is credited to?
  • A. a partner's current account
  • B. a partner's capital account
  • C. the profit and loss account
  • D. the profit and loss appropriation account
View Answer & Discuss JAMB 2007
497
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
498

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
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499
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
500
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
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