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Accounts - Principles of Accounts Past Questions and Answers

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Jamb 2019 Accounts - Principles of Accounts Questions

Question 36:

Accounting standards are issued at the International level by the

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A Standards Advisory Council
B International Accounting Standards Board
C Nigerian Accounting Standards Board
D Standing Interpretations Committee

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Question 37:

The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

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A FIFO
B LIFO
C SAP
D WAP

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Question 38:

One of these is not a similarity between Joint Venture and Partnership.

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A AIM is profit making
B It is for a specific venture
C Involves two people
D Have rights and duties

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Question 39:

Majority of commercial transactions are termed credit transactions, which means

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A The buyers pay immediately for goods bought
B Settlement is deferred to a future date
C No account will be opened
D Item of expenditure increases

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Question 40:

Bought motor vehicle â‚¦60 paying by cheque. The effect of the transaction will be

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A Increase in assets of motor vehicle account
B Decrease in assets of motor vehicle account
C Increase in assets of bank account
D Increase in liabilities of bank account

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