Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting
Question 6:
when shares issued are paid for, accounting entry required is
- A Debit bank or cash account and credit share capital and/or premium account
- B Credit bank or cash account and debit share capital and/or premium account
- C Debit shares account and credit capital account
- D Credit shares account and debit capital account
Question 7:
The expenditure on a good or services which is consumed either immediately or within a current accounting period is called
- A Fixed expenditure
- B Capital expenditure
- C Annual expenditure
- D Recurrent expenditure
Question 8:
The cash bass of accounting requires the recognition of revenue only when they are
- A Due
- B Earned
- C Paid
- D Received
Question 9:
which of the following factors has aided the development of accounting?
- A The emergence of nation states
- B The discovery of mineral resources in commercial quantity
- C The growth in size of businesses and separation of ownership and management
- D The development and management of sophisticated monetary system
Question 10:
which of the following factors has aided the development of accounting?
- A The emergence of nation states
- B The discovery of mineral resources in commercial quantity
- C The growth in size of businesses and separation of ownership and management
- D The development and management of sophisticated monetary system