Jamb Accounts - Principles of Accounts Questions
Question 36:
The importance of bank statement is all except
- A Verifies the accuracy of balances of cash book and cheque book
- B Helps to detect and rectify any error
- C Helps to debit an account
- D Helps to update the cash book
Question 37:
Accounting standards are issued at the International level by the
- A Standards Advisory Council
- B International Accounting Standards Board
- C Nigerian Accounting Standards Board
- D Standing Interpretations Committee
Question 38:
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
View Answer & ExplanationQuestion 39:
One of these is not a similarity between Joint Venture and Partnership.
- A AIM is profit making
- B It is for a specific venture
- C Involves two people
- D Have rights and duties
Question 40:
Majority of commercial transactions are termed credit transactions, which means
- 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