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Accounts - Principles of Accounts Past Questions

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1

The term "accounting period" is used to refer to the

  • A. time span during which taxes are paid to the inland revenue board
  • B. budget period, usually one year, relied on by the accountant
  • C. time span, usually one year, covered by financial statement
  • D. period within which debtors are expected to settle accounts
View Answer & Discuss (70) JAMB 1994
2
Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as
  • A. passing of entries
  • B. consistency convention
  • C. matching concept
  • D. adjusting for revenue
View Answer & Discuss (34) JAMB 1994
3
The accounting convention which states that profit must not be recognized until realized while all losses should be adequately provided for it termed
  • A. materiality
  • B. objectivity
  • C. consistency
  • D. conservatism
View Answer & Discuss (30) JAMB 1994
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4
Accounting information is used by investors and creditors of a company to predict
  • A. future cash flows of the company
  • B. future tax payments of the company
  • C. potential merger candidates for the company
  • D. appropriate remunerations for the company's staff
View Answer & Discuss (26) JAMB 1994
5

Antics Electronic Company recently bought six generators. Which of the following is the correct method of recording this transaction?

  • A. Debit generator account and credit cash account
  • B. Debit purchases account and credit cash account
  • C. Debit cash accounts and credit purchases account
  • D. Debit cash account and credit generator account
View Answer & Discuss (48) JAMB 1994
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