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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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441
Use the information below to answer questions .

On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.

Calculate the yearly depreciation expense using the straight line method.
  • A. N11 000
  • B. N11 200
  • C. N11 400
  • D. N11 300
View Answer & Discuss JAMB 2006
442
Use the information below to answer questions .

On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000.

the rate of the yearly depreciation expense would be?
  • A. 50%
  • B. 40%
  • C. 30%
  • D. 20%
View Answer & Discuss JAMB 2006
443
The objective of the purchase ledger control account is to established the?
  • A. credit purchases
  • B. net profit
  • C. total purchases
  • D. gross profit
View Answer & Discuss JAMB 2006
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444
The objective of a trading account is to establish the?
  • A. cost of goods sold
  • B. gross profit
  • C. manufacturing profit
  • D. net profit
View Answer & Discuss JAMB 2006
445
A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the?
  • A. weighted average method
  • B. simple average method
  • C. FIFO method
  • D. LIFO method
View Answer & Discuss JAMB 2006
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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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