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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 1:

Which of the following branches of accounting was first developed?

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A Cost accounting
B Financial acounting
C Management accounting
D Petroleum accounting

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Question 2:

Which of the following branches of accounting was first developed?

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A Cost accounting
B Financial acounting
C Management accounting
D Petroleum accounting

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Question 3:

The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?

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A Accruals
B Materiality
C Objectivity
D Periodicity

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Question 4:

The process of bookkeeping includes records produced from?

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A Ledgers
B Source documents
C Minutes of meeting
D Intuitive reasoning

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Question 5:

Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?

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A Telephone N3,500 credit XYZ and KLM, N3,500
B Telephone N3,500, credit cash N3,500
C Sundries N3,500, credit KLM N3,500
D Sundries N3,500, credit telephone N3,500

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