Accounts (Principles of Accounts)Accruals, prepayments and provisionsJAMB
Insurance of ₦36,000 was paid for the 12 months to 31 March 2027. The accounting year ends on 31 December 2026. The amount prepaid at the year end is
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Answer: A. ₦9,000
January to March 2027 (3 months) is prepaid: 36,000 × 3/12 = ₦9,000.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.