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Accounts - Principles of Accounts 2004 JAMB Past Questions

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1
The accounting principle that is applied to check arbitrary actions on the part of accountants is?
  • A. consistency
  • B. materiality
  • C. objectivity
  • D. realization
View Answer & Discuss JAMB 2004
2
The loss of equipment in a fire disaster results in?
  • A. a decrease in current assets
  • B. an increase in liabiities and assets
  • C. a decrease in assets and capital
  • D. an increase in liabilities and a decrease in assets
View Answer & Discuss JAMB 2004
3
A source document is used for verifying the?
  • A. amount due to creditors
  • B. actual cost of an asset
  • C. selling price of goods
  • D. amount due from debtors
View Answer & Discuss JAMB 2004
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4
The rule of accounting equation requires that account payable should be placed under?
  • A. liabilities
  • B. equities
  • C. assets
  • D. capital
View Answer & Discuss JAMB 2004
5
A debit in the suspense accounting will appear in the balance sheet as?
  • A. a current asset
  • B. a current lability
  • C. capital
  • D. drawings
View Answer & Discuss (1) JAMB 2004
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