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Accounts - Principles of Accounts
Accounts - Principles of Accounts Past Questions
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151
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
152
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
153
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
154
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
JAMB 1999
155
A basic unifying concept in accounting implies that?
A.
where creditors'account is zero, the assets are equal to the owners' equity
B.
there should be a balance in the creditors' account in order to measure total assets
C.
revenues should be supported by invested and owners'capital
D.
total assets can be less than liabilities and equity
View Answer & Discuss
JAMB 1999
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