Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting
Question 11:
An effective accounting system should provide information
- A On new product and methods
- B For cutomer feed back and requirement
- C On internal and external reporting for managers and third parties
- D For promoters, directors, labour union and distributors
Question 12:
Which of the following accounting records are source documents?
- A Journal and ledgers
- B Sales invoice and cash book
- C Cash book and debit note
- D Sales invoice and debit note
Question 13:
Bola, UTC's regular customer, owed N1,00 on account of a radio bought. If he sent in a cheque for N1,500, UTC would send him a
- A Credit note
- B Debit note
- C Journal voucher
- D Way bill
Question 14:
The starting point for the production of accounts from incomplete records is to
- A Ascertain the total sales
- B Compute the opening stock of goods sold
- C Verify the total purchase
- D Prepare an opening statement of affairs
Question 15:
Departmental accounts re maintained to ascertain the
- A Profits of the entire organization
- B Contribution of each department
- C Expenses of each department
- D Sales of each department