Jamb Accounts - Principles of Accounts Questions
Question 1:
The most important reason for studying accounting is that
- A The information provided by accounting is useful in making decision
- B Accounting plays an important role in the society
- C The study of Accounting leads to challeging career
- D Accounting provides gross profit information
Question 2:
The most important reason for studying accounting is that
- A The information provided by accounting is useful in making decision
- B Accounting plays an important role in the society
- C The study of Accounting leads to challeging career
- D Accounting provides gross profit information
Question 3:
In preparing accounting records, the owner of a business and the business are treated as
- A The same person
- B Having business relationship
- C Separate legal entities
- D Partners
Question 4:
Creditors use Accounting information for the purpose of
- A Planning sales to a company
- B Controlling a company's affairs
- C Investing in a company
- D Assessing a company's liquidity
Question 5:
The instrument that are generated when firms enter into business transactions with others are called
- A Purchase document
- B Journals
- C Source documents
- D Invoices