Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting
Question 166:
The trader's capital in a single entry system is ascertained by preparing
- A Gross profit
- B Statement of affairs
- C Suspense account
- D Appropriation account
Question 167:
A business organization prepares departmental account in order to
- A Asertian the contribution of each department to the organization
- B Ascertain interdepartmental transfer
- C Build other branches
- D Know the number of departments in the organization
Question 168:
The objective of departmental account is to
- A Ascertain the amount of profits or losses for the enterprise
- B Ascertain the amount of profits or losses for each department
- C Ascertain the cost of running the organization
- D Offset the loss of each department
Question 169:
The difference between book keeping and accounting is that while
- A Book keeping interprets data, accounting records it
- B Book keeping is regarded as the language of the business accounting ascertians its strength and weakness
- C Book keeping records data accounting interprets it
- D Book keeping summaries information accounting communicatesit
Question 170:
Processed data is only useful to user if it is
- A Complex
- B Quantitative
- C Relevant
- D Qualitative