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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
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2636

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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2637

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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2638

The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

  • A. FIFO
  • B. LIFO
  • C. SAP
  • D. WAP
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2639

One of these is not a similarity between Joint Venture and Partnership.

  • A. AIM is profit making
  • B. It is for a specific venture
  • C. Involves two people
  • D. have rights and duties
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2640

Majority of commercial transactions are termed credit transactions, which means

  • A. The buyers pay immediately for goods bought
  • B. Settlement is deferred to a future date
  • C. No account will be opened
  • D. Item of expenditure increases
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