Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting
Question 46:
The main objective of bookkeeping is to record economic?
- A Transactions systematically for routine managerial decision-making
- B Events clearly to ensure adequate checks and balances
- C Events clearly to facilitate strategic managerial desicion-making
- D Transaction systematically to ascertain the financial position of a business
Question 47:
When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?
- A Debit bank, credit custmer and credit conyrol account
- B Credit bank, debit customer, and credit control account
- C Debit customer, debit control accountand credit bank
- D Credit control account, debit bank and debit customer
Question 48:
The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?
- A Public Accounts Committee
- B Public Audit Committee
- C Internal Audit Committee
- D External Audit Committee
Question 49:
The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is
- A Cost
- B Prudence
- C Consistency
- D Entity
Question 50:
The current growth in the volume of trading and financial dealings in Nigeria is helped by?
- A Increased financial activities
- B Government intervention
- C Credit as a factor in business
- D Payment for goods in cash