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Accounts - Principles of Accounts 1997 JAMB Past Questions

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46
Which of the following are advantages of departmental accounts?
I. The department making the highest profit can be easily determined

II. The capital of the business can be calculated easily

III. Easy knowledge of the sources of funding

IV. Encouragement of healthy rivalry among the various departments
  • A. I and IV only
  • B. II and III only
  • C. II and IV only
  • D. III and IV only
View Answer & Discuss JAMB 1997
47
Public sector accounting is based on
  • A. cash
  • B. accrual
  • C. budget
  • D. consolidated fund
View Answer & Discuss (1) JAMB 1997
48
The end result of governmental accounting procedure is to
  • A. keep proper records of government expenditures
  • B. give financial information to the public and investors
  • C. produce timely and accurate financial reports for legislators and the public
  • D. give information on the performance of public enterprises
View Answer & Discuss JAMB 1997
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49
The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal

The Correct closing balance for Musa's current account is
  • A. N36 000 Credit
  • B. N16 600 credit
  • C. N16 600 debit
  • D. N1 800 credit
View Answer & Discuss JAMB 1997
50
The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal]

The correct closing balance for lawal's current account is
  • A. N21 100 debit
  • B. N14 740 debit
  • C. N14 740 credit
  • D. N540 credit
View Answer & Discuss JAMB 1997
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