Jamb Accounts - Principles of Accounts Questions
Question 1:
The accounting principle that is applied to check arbitrary actions on the part of accountants is?
- A Consistency
- B Materiality
- C Objectivity
- D Realization
Question 2:
The accounting principle that is applied to check arbitrary actions on the part of accountants is?
- A Consistency
- B Materiality
- C Objectivity
- D Realization
Question 3:
The loss of equipment in a fire disaster results in?
- A A decrease in current assets
- B An increase in liabiities and assets
- C A decrease in assets and capital
- D An increase in liabilities and a decrease in assets
Question 4:
A source document is used for verifying the?
- A Amount due to creditors
- B Actual cost of an asset
- C Selling price of goods
- D Amount due from debtors
Question 5:
The rule of accounting equation requires that account payable should be placed under?
- A Liabilities
- B Equities
- C Assets
- D Capital