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Accounts - Principles of Accounts Past Questions

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which of the following factors has aided the development of accounting?
  • A. The emergence of nation states
  • B. The discovery of mineral resources in commercial quantity
  • C. the growth in size of businesses and separation of ownership and management
  • D. the development and management of sophisticated monetary system
View Answer & Discuss JAMB 1995
Which of the following concept stipulates that accounting profit is the difference between revenue and expenses?
  • A. Accrual concept
  • B. Conservatism concept
  • C. Prudence concept
  • D. Materiality concept
View Answer & Discuss (1) JAMB 1995
An effective accounting system should provide information
  • A. on new product and methods
  • B. for cutomer feed back and requirement
  • C. on internal and external reporting for managers and third parties
  • D. for promoters, directors, labour union and distributors
View Answer & Discuss JAMB 1995
Which of the following accounting records are source documents?
  • A. Journal and ledgers
  • B. Sales invoice and cash book
  • C. Cash book and debit note
  • D. sales invoice and debit note
View Answer & Discuss JAMB 1995
Given: Motor van, N3,600, Premises, N5,000; Loan from R. Nwaeke, N1,000; Cash at bank; N1,650; stock of goods N4,800; Creditors, N2,560; Cash in hand, N250 and debtors N6,910. calculate the capital figure.
  • A. N19,650
  • B. N18,650
  • C. N17,850
  • D. NN16,850
View Answer & Discuss (7) JAMB 1995