Accounts - Principles of Accounts Past Questions and Answers

Which of the following are advantages of departmental accounts?
I. The department making the highest profit can be easily determined
II. The capital of the business can be calculated easily
III. Easy knowledge of the sources of funding
IV. Encouragement of healthy rivalry among the various departments

A I and IV only
B II and III only
C II and IV only
D III and IV only

Question 137:

Public sector accounting is based on

A Cash
B Accrual
C Budget
D Consolidated fund

Question 138:

The end result of governmental accounting procedure is to

A Keep proper records of government expenditures
B Give financial information to the public and investors
C Produce timely and accurate financial reports for legislators and the public
D Give information on the performance of public enterprises

Question 139:

The Current account above had some errors in the arrangement of the accounts for Musa, Kalu and Lawal
The Correct closing balance for Musa's current account is

A N36 000 Credit
B N16 600 credit
C N16 600 debit
D N1 800 credit

Question 140:

JAMB 1998

The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?

A Ist September, 1960
B Ist October, 1960
C Ist October,1963
D Ist , September,1965