Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting
Question 136:
One of the the differences between bookkeeping and accounting is that the former
- A Records data while the latter interprets
- B Is regarded as the language of the business while the latter ascertains its strenght
- C Interprets data while the latter records it
- D Summarises information while the latter communicates it
Question 137:
One of the the differences between bookkeeping and accounting is that the former
- A Records data while the latter interprets
- B Is regarded as the language of the business while the latter ascertains its strenght
- C Interprets data while the latter records it
- D Summarises information while the latter communicates it
Question 138:
The book of account in which information from the source documents are recorded consists of
- A Debit and credit notes
- B Ledger and subsidiary books
- C Prepayments and accruals
- D Profit and loss and balance sheet
Question 139:
The accounting entries to record a cheque issued by a business is to
- A Debit cash book and credit drawer
- B Credit cash book and debit drawer
- C Debit cash book and credit suspense account
- D Credit cash book and debit suspense account
Question 140:
In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is
- A Virement
- B Fund accounting
- C Consolidated fund
- D Financial regulation