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Accounts - Principles of Accounts Past Questions

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2151
Which of the following is true in public sector accounting? Cost of assets is
  • A. depreciated on straight line method
  • B. expensed in the year of purchase
  • C. charged to federation account
  • D. depreciated on reducing balance method
View Answer & Discuss JAMB 2015
2152

Which of the following accounts is debited when a delivery van is sold for cash?

  • A. sales account
  • B. delivery van account
  • C. cash account
  • D. profit and loss accounts
View Answer & Discuss JAMB 2015
2153

When shares are sold at more than the par value, they are said to have been issued at

  • A. A premium
  • B. Normal value
  • C. A discount
  • D. A profit
View Answer & Discuss (4) JAMB 2015
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2154

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000

  • A. N52,000
  • B. N51,000
  • C. N55,000
  • D. N50,000
View Answer & Discuss (1) JAMB 2015
2155

Which of the following is shown in the profit and loss appropriation account of a company

  • A. interest charges
  • B. depreciation
  • C. directors emoluments
  • D. dividends
View Answer & Discuss JAMB 2015
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