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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?
AN280,000
BN289,000
CN250,000
DN340,000
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Question 22
jamb2003
Given:
Capital ...........N1000
Liabilities........N500
Assets.............N1500
The accounting equation can be expressed as?
AN1000 + N500 + N1500 = N3000
BN1000 - N500 + N1500 = N2000
CN1000 + N500 = N1500
DN1500 + N500 = N2000
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Question 23
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The recording phase of accounting is known as?
Abookkeeping
Btrial balancing
Cledger accounting
Dfinal accounting
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Question 24
jamb2003
The transaction that completes its double entry in the same ledger account appears in?
Acash account and personal account
Bbank account and general ledger
Cdiscount received and discount allowed
Dcash account and bank accont
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Question 25
jamb2003
Which accounting concept supports the assertion that economic reality takes precedence over legal issues?
ARealization concept
BSubstance over form
CConservatism
DMeasurement concept
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Question 26
jamb2003
Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The transaction would be recorded in the cash book as debit?
Acash and credit bank
Bbank and credit cash
Ccash and credit cash
Dbank and credit bank
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Question 27
jamb2003
Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The credit sales for the period would be?
AN5000
BN1900
CN1000
DN950
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Question 28
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Verifiability in accounting is only possible when there are?
Aminutes of meetings
Bpayment vouchers
Csource documents
Daudit certificates
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Question 29
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Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
The trial balance total is?
AN9700
BN8700
CN7900
DN7800
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Question 30
jamb2003
The two legally recognized professional accounting bodies in Nigeria are the?
AInstitute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
BAssociation of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
CInstitute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
DNigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
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Question 31
jamb2003
Which of the following is used to update the cash book in bank reconciliation?
