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Accounts - Principles of Accounts 1998 JAMB Past Questions

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1
The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?
  • A. Ist September, 1960
  • B. Ist October, 1960
  • C. Ist October,1963
  • D. Ist , September,1965
View Answer & Discuss JAMB 1998
2
Cost reports for the intention of management should reflect?
  • A. as much details as possible
  • B. summary figures only
  • C. details of non-controllable expenses
  • D. cost and comparable data useful in decision-making
View Answer & Discuss JAMB 1998
3
Responsibility accounting is particularly concerned with?
  • A. histoical accounting
  • B. controllable costs
  • C. storekeeping
  • D. valuation of stock
View Answer & Discuss (1) JAMB 1998
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4
An advantage of the use of the voucher system is that it?
  • A. reduces the number of cheques that will be writen during any given period
  • B. provides a highly flexible system for handling unusual transactions
  • C. provides a comprehensive record of business done with particular suppliers
  • D. ensure that every expenditure is reviewed and verified before payment is made
View Answer & Discuss JAMB 1998
5

A business transaction is recorded in the books of account when the?

  • A. owner of the business invests his N10,000 in another company
  • B. business retains part of ofits profits for future expansion purposes
  • C. business invest applies for overdraft facilities from its bankers
  • D. owner of the business collects N5,000 from the accountant
View Answer & Discuss (3) JAMB 1998
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