Jamb Accounts - Principles of Accounts Questions
Question 1:
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
Question 2:
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
Question 3:
The basic role of accounting is to?
- A Detect fraud
- B Attest to finacial statements
- C Measure performance
- D Protect sharehlders
Question 4:
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
Question 5:
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