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Monday, 13 April 2026
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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 36:
The receipt from a special tax levy to pay maturing interest obligation are recorded in
  • A Capital fund project
  • B Debt Service Fund
  • C Tax Assessment Fund
  • D Special Revenue Fund
View Answer & Explanation
Question 37:
The cash bass of accounting requires the recognition of revenue only when they are
  • A Due
  • B Earned
  • C Paid
  • D Received
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Question 38:
which of the following factors has aided the development of accounting?
  • A The emergence of nation states
  • B The discovery of mineral resources in commercial quantity
  • C The growth in size of businesses and separation of ownership and management
  • D The development and management of sophisticated monetary system
View Answer & Explanation
Question 39:
which of the following factors has aided the development of accounting?
  • A The emergence of nation states
  • B The discovery of mineral resources in commercial quantity
  • C The growth in size of businesses and separation of ownership and management
  • D The development and management of sophisticated monetary system
View Answer & Explanation
Question 40:
Which of the following concept stipulates that accounting profit is the difference between revenue and expenses?
  • A Accrual concept
  • B Conservatism concept
  • C Prudence concept
  • D Materiality concept
View Answer & Explanation