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Accounts - Principles of Accounts Past Questions and Answers

Topic: Role of accounting records and information

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Jamb Accounts - Principles of Accounts Questions - Role of accounting records and information

Question 11:

Which of the following account is kept by local governments in Nigeria?

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A Balance sheet
B Advances account
C Debtors account
D Profit account

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Question 12:

Use the information below to answer the question
The quick ratio is

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A 0. 82: 1
B 0. 91:1
C 0.95:1
D 1:53:1

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Question 13:

The main objective of bookkeeping is to record economic?

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A Transactions systematically for routine managerial decision-making
B Events clearly to ensure adequate checks and balances
C Events clearly to facilitate strategic managerial desicion-making
D Transaction systematically to ascertain the financial position of a business

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Question 14:

The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?

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A Public Accounts Committee
B Public Audit Committee
C Internal Audit Committee
D External Audit Committee

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Question 15:

The main objective of accounting report is to provide information about?

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A A company's shareholding
B An entity's management
C The efficacy of assets
D A company's economic resources

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