Jamb Accounts - Principles of Accounts Questions
Question 141:
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
Question 142:
Cost reports for the intention of management should reflect?
- A As much details as possible
- B Summary figures only
- C Details of non-controllable expenses
- D Cost and comparable data useful in decision-making
Question 143:
Responsibility accounting is particularly concerned with?
- A Histoical accounting
- B Controllable costs
- C Storekeeping
- D Valuation of stock
Question 144:
An advantage of the use of the voucher system is that it?
- A Reduces the number of cheques that will be writen during any given period
- B Provides a highly flexible system for handling unusual transactions
- C Provides a comprehensive record of business done with particular suppliers
- D Ensure that every expenditure is reviewed and verified before payment is made
Question 145:
A business transaction is recorded in the books of account when the?
- A Owner of the business invests his N10,000 in another company
- B Business retains part of ofits profits for future expansion purposes
- C Business invest applies for overdraft facilities from its bankers
- D Owner of the business collects N5,000 from the accountant