JAMB Accounting Past Questions & Answers - Page 226

Motor Vehicle Account as at 31st December 2001.
Debit:
Jan. 1, cost ................N1950 000
Dec.31, Addition ............ N400 000 
Credit:
Jan. 1, Depreciation ........N1360 000
June 30, Sales proceeds...... N700 000
The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.

Assuming that depreciation is charged on the addition of the year at the rate of 15% on reducing balance, what should be the net book value of the vehicle as at 31st December 2003?

Given:
Capital ...........N1000
Liabilities........N500
Assets.............N1500

The accounting equation can be expressed as?

The recording phase of accounting is known as?

The transaction that completes its double entry in the same ledger account appears in

Which accounting concept supports the assertion that economic reality takes precedence over legal issues?