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Accounts - Principles of Accounts Past Questions

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101
The total of the creditors at the beginning of the year was N4,600 and at the end of the year N5,250. During the year, N26,500 was paid to suppliers and N130 was received in discounts from these suppliers. The purchases for the year would be
  • A. N26,630
  • B. N27,038
  • C. N27,150
  • D. N27,280
View Answer & Discuss (9) JAMB 1997
102
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
103
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
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104
Responsibility accounting is particularly concerned with?
  • A. histoical accounting
  • B. controllable costs
  • C. storekeeping
  • D. valuation of stock
View Answer & Discuss (1) JAMB 1998
105
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
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