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Accounts - Principles of Accounts 2019 JAMB Past Questions

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31

Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

  • A. realisation concept
  • B. entity concept
  • C. going concern concept
  • D. matching concept
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32

The two recognised accounting bases are

  • A. cash and credit
  • B. personal and impersonal
  • C. Accrual and Cash
  • D. Drawings and Private
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33

Given:


Additional capital
Capital
Closing capital
Net profit
₦
4000
8000
12000
1500

The drawings for the period stand at

  • A. 1500
  • B. 3000
  • C. 12,000
  • D. 10,500
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34

The importance of bank statement is all except

  • A. verifies the accuracy of balances of cash book and cheque book
  • B. helps to detect and rectify any error
  • C. helps to debit an account
  • D. helps to update the cash book
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35

Accounting standards are issued at the International level by the

  • A. Standards Advisory Council
  • B. International Accounting Standards Board
  • C. Nigerian Accounting Standards Board
  • D. Standing Interpretations Committee
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts