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Thursday, 23 April 2026
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Accounts - Principles of Accounts Past Questions and Answers

Topic: Nature and Significance of Book keeping and Accounting

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

Question 216:
The power to appoint the Auditor General of the Federation is vested in the
  • A National Assembly
  • B Civil Service Commission
  • C Judicial Service Commission
  • D President
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Question 217:
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?
  • A Monetary
  • B Cost
  • C Conservatism
  • D Historical
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Question 218:
Which of the following accounting records are source documents?
  • A Journals and ledgers
  • B Sales invoice and debit note
  • C Sales invoice and cashbook
  • D Cashbook and debit note
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Question 219:
In preparing accounting records, the owners of a business and the business are treated as
  • A Separate legal entities
  • B Partners
  • C The same person
  • D Having business relationship
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Question 220:
The rule of accounting equation requires that account payable should be placed under
  • A Equities
  • B Assets
  • C Capital
  • D Liabilities
View Answer & Explanation