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Accounts - Principles of Accounts Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
146
The term fiscal compliance means?
  • A. al financial and related laws and regulations are adhered to
  • B. only the budget fir the current period is complied with and no deficits allowed
  • C. all physical assets requirements have been met
  • D. fiscal planning is necessary for proper accountabilit in the public sector
View Answer & Discuss JAMB 1998
147
In a public corporation, the capital expenditure incurred in a financial period is?
  • A. spread over the useful life of the assets through depreciation
  • B. apportioned at a pre-determined rate stipulated by law
  • C. written off in the year in which they occur
  • D. merged with recurrent expenditure and reported in one required lump sum
View Answer & Discuss JAMB 1998
148
Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?
  • A. surrendered to the consolidated revenue fund
  • B. carried forward to the next financial year
  • C. reserved to meetany deficits or contingencies
  • D. returned to the taxpayer
View Answer & Discuss JAMB 1998
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149
If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in?
  • A. the general fund
  • B. agency fund
  • C. special fund
  • D. general long-term fund
View Answer & Discuss JAMB 1998
150
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
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