Jamb Accounts - Principles of Accounts Questions
Question 1:
One of the major features of bookkeeping is that it?
- A Provides permanent records for all financial transactions
- B Is futuristic in nature
- C Accpets responsibility for all wrong postings
- D Does not give room for double entry procedures
Question 2:
One of the major features of bookkeeping is that it?
- A Provides permanent records for all financial transactions
- B Is futuristic in nature
- C Accpets responsibility for all wrong postings
- D Does not give room for double entry procedures
Question 3:
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?
- A Conservatism
- B Historical
- C Monetary
- D Cost
Question 4:
A financial analyst needs accounting information to?
- A Maintain the production section of the business
- B Know why transactions cause increase and decreases in assets
- C Advise on how to manage the business
- D Know how to record transaction in T account
Question 5:
One basic assumption of the double entry theory is that it allows?
- A Two credit entries at the same time
- B Two debit entries at the same time
- C Debit and credit two credit entries at the same time
- D Debit and credit two credit entries in corresponding account