Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting
Question 211:
The major objectives of departmental account is to ascertain the
- A Materials sold in each department
- B Insurance premium payable on employees
- C Number of employees in each department
- D Contribution of each department to profit
Question 212:
The two legally recognized professional accounting bodies in Nigeria are the
- A Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
- B Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
- C Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
- D Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
Question 213:
The accounting method that reports incomes when earned and expenses when incurred is called
- A Accrual accounting
- B Cash accounting
- C Fund accounting
- D Commitment accounting
Question 214:
In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover
- A Carriage inwards
- B Carriage outwards
- C Discount received
- D Returns outwards
Question 215:
The ordinary shareholders enjoy the following right except the right to
- A Receive dividends at a predetermined rate
- B Vote at annual general meetings
- C Elect the board of directors
- D Participate in additional issues of shares