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Accounts - Principles of Accounts Past Questions and Answers

Topic: Nature and Significance of Book keeping and Accounting

Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting

Question 86:
The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?
  • A Debtors' account
  • B Trading account
  • C Expenses account
  • D Cash account
View Answer & Explanation
Question 87:
The accounting method that reports incomes when earned and expenses when incurred is called?
  • A Cash accounting
  • B Commitment accounting
  • C Fund accounting
  • D Accrual accounting
View Answer & Explanation
Question 88:
Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?
  • A Stock account and credit profit and loss account
  • B Drawings account and credit stock account
  • C Profit and loss account and credit drawing account
  • D Stock account and credit drawings account
View Answer & Explanation
Question 89:
Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?
  • A Stock account and credit profit and loss account
  • B Drawings account and credit stock account
  • C Profit and loss account and credit drawing account
  • D Stock account and credit drawings account
View Answer & Explanation
Question 90:
After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?
  • A 60 days
  • B 30 days
  • C 120 days
  • D 90 days
View Answer & Explanation