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Accounts - Principles of Accounts 1999 JAMB Past Questions

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1
Accrual concept stipulates that?
  • A. revenue should be recognized when it is earned
  • B. costs should be recognized when the expenditure is paid
  • C. revenue should be recognized only when cash is paid
  • D. costs should be recognized when the are incurred
View Answer & Discuss (1) JAMB 1999
2
The basic role of accounting is to?
  • A. detect fraud
  • B. attest to finacial statements
  • C. measure performance
  • D. protect sharehlders
View Answer & Discuss (1) JAMB 1999
3
The need for changes in accounting theory in Nigeria was influenced by the?
  • A. dynamics of commercialization and privatization policies
  • B. growh in size of business units
  • C. introduction of the structural adjustment programme
  • D. inconvertibility of the nation's currency
View Answer & Discuss JAMB 1999
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4
A bookkeeping error occurs when there is?
  • A. a deliberate manipulation of records
  • B. unintentional correct posting in the ledger
  • C. intentional failure to record transactions completely
  • D. incorrect records and oversights that are not intended
View Answer & Discuss JAMB 1999
5
When a proprietor withdraws cash from the business for private use, he?
  • A. debits cash account and credits drawings account
  • B. credits cash account and debits bank account
  • C. debits bank account and credits drawings account
  • D. credits cash account and debits drawings account
View Answer & Discuss (1) JAMB 1999
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