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Accounts - Principles of Accounts Past Questions and Answers

Topic: Principles, concepts, and conventions of accounting

Jamb Accounts - Principles of Accounts Questions - Principles, concepts, and conventions of accounting

Question 11:
Which of these is a capital expenditure warrant?
  • A Provisional general warrant
  • B Development fund general warrant
  • C Reserved expenditure general warrant
  • D Supplementary warrant
View Answer & Explanation
Question 12:
The accounting principle that is applied to check arbitrary actions on the part of accountants is?
  • A Consistency
  • B Materiality
  • C Objectivity
  • D Realization
View Answer & Explanation
Question 13:
The accounting principle that is applied to check arbitrary actions on the part of accountants is?
  • A Consistency
  • B Materiality
  • C Objectivity
  • D Realization
View Answer & Explanation
Question 14:
The rule of accounting equation requires that account payable should be placed under?
  • A Liabilities
  • B Equities
  • C Assets
  • D Capital
View Answer & Explanation
Question 15:
The accounting method that reports incomes when earned and expenses when incurred is called?
  • A Cash accounting
  • B Commitment accounting
  • C Fund accounting
  • D Accrual accounting
View Answer & Explanation