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Accounts - Principles of Accounts Past Questions and Answers

Topic: Nature and Significance of Book keeping and Accounting

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Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting

Question 151:

The accounting convention that state that, stock should be value that the lower of cost and net realized value is --------------- convention

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A Marching
B Consistency
C Realization
D Prudency

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Question 152:

The following accounting entries are made when bad debt is recovered

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A Debit bad debts accounts and credit bad debt recovered account
B Debit debtors accounts and recovered account
C Debit bad debts recovered account and credit bad debts account
D Debit bad debts account and credit profit and loss account

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Question 153:

The basis of accounting for public sector is

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A Accrual basis
B Cost basis
C Revenue basis
D Cash basis

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Question 154:

Which of the following is true in public sector accounting? Cost of assets is

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A Depreciated on straight line method
B Expensed in the year of purchase
C Charged to federation account
D Depreciated on reducing balance method

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Question 155:

Which of the following accounts is debited when a delivery van is sold for cash?

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A Sales account
B Delivery van account
C Cash account
D Profit and loss accounts

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