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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 1271:

The two recognised accounting bases are

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A Cash and credit
B Personal and impersonal
C Accrual and Cash
D Drawings and Private

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Question 1272:

Given:

Additional capitalCapitalClosing capitalNet profit

â‚¦40008000120001500

The drawings for the period stand at

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A 1500
B 3000
C 12,000
D 10,500

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Question 1273:

The importance of bank statement is all except

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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

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Question 1274:

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 1275:

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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