JAMB Accounting Past Questions & Answers - Page 17

81.

Four broad classifications of overheads are

A.

Production, selling, distribution and administration

B.

Production, selling, distribution and material

C.

Selling, distribution and material

D.

Distribution, selling, administration and materials

Correct answer is A

No explanation has been provided for this answer.

83.

Fiyinfoluwa Motors bought three Toyota Hilux vans on cash at the cost of ₦6,000,000 on debiting the vehicle account, the corresponding credit for the purchase will appear in the

A.

Sales day book

B.

Cash book

C.

Sales subsidiary book

D.

Purchase day book

Correct answer is B

No explanation has been provided for this answer.

84.

Use the information below to answer this question

A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

If the scrap value is presently ₦15,000 what will be the yearly depreciation using straight-line method?

A.

₦7,000

B.

₦11,000

C.

₦4,000

D.

₦24,000

Correct answer is A

No explanation has been provided for this answer.

85.

Use the information below to answer this question

A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

The yearly depreciation using the straight-line method would be

A.

₦5200

B.

₦800

C.

₦6500

D.

₦4400

Correct answer is A

No explanation has been provided for this answer.