Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting
Question 27:
The end result of governmental accounting procedure is to
- A Keep proper records of government expenditures
- B Give financial information to the public and investors
- C Produce timely and accurate financial reports for legislators and the public
- D Give information on the performance of public enterprises
Question 28:
Cost reports for the intention of management should reflect?
- A As much details as possible
- B Summary figures only
- C Details of non-controllable expenses
- D Cost and comparable data useful in decision-making
Question 29:
Responsibility accounting is particularly concerned with?
- A Histoical accounting
- B Controllable costs
- C Storekeeping
- D Valuation of stock
Question 30:
A business transaction is recorded in the books of account when the?
- A Owner of the business invests his N10,000 in another company
- B Business retains part of ofits profits for future expansion purposes
- C Business invest applies for overdraft facilities from its bankers
- D Owner of the business collects N5,000 from the accountant