Jamb Accounting Past Questions For Year 2014
Question 11
Given:
If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?
- A. #25,650
- B. #22,800
- C. #19,950
- D. #18,240
Question 12
The accounting entries to record a cheque issued by a business is to
- A. debit cash book and credit drawer
- B. credit cash book and debit drawer
- C. debit cash book and credit suspense account
- D. credit cash book and debit suspense account
Question 13
If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be
- A. #700,000
- B. #240,000
- C. #220,000
- D. #202,000
Question 14
If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?
- A. #4,500
- B. #8,550
- C. #9,000
- D. #9,450
Question 15
The major focus of the trading account is to show
- A. net profit
- B. gross margin
- C. total purchases
- D. total sales
