Jamb Accounting Past Questions For Year 1999
Question 11
The main features of the single system are that?
- A. books of accounts are not maintained and business relies only on bank statement
- B. the journal records are absent and only the main ledger is kept 7
- C. there are incomplete classifications and recording procedures
- D. only credit sales transactions and credit purchase are recorded
Question 12
Depreciation on a particular piece of machinery was N2,700 during the fifth year of its service life and N4,050 during the sixth year. The logical explanation for this is that?
- A. an addition was made to the asset during the sixth year
- B. the estimate of salvage value on this equipment was decreased
- C. a unit-of-output method of depreciation was used during the sixth year
- D. the estimate remaining service life of the assets was increased at the beginning of the sixth year
Question 13
Chibuike bought 36 notebooks at N10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?
- A. N338.58
- B. N342.00
- C. N345.42
- D. N360,00
Question 14
Asa Company bought a vehicle worth N20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years?
- A. N19,000.00
- B. N18,050.50
- C. N17,147.50
- D. 16,290.13
Question 15
A provision for bad debt account had N3,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/2% of annual sales, what was the credit sales for the period?
- A. N2,100,000
- B. N844,400
- C. N840,000
- D. N500,000
