Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting
Question 36:
In a public corporation, the capital expenditure incurred in a financial period is?
- A Spread over the useful life of the assets through depreciation
- B Apportioned at a pre-determined rate stipulated by law
- C Written off in the year in which they occur
- D Merged with recurrent expenditure and reported in one required lump sum
Question 37:
Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?
- A Surrendered to the consolidated revenue fund
- B Carried forward to the next financial year
- C Reserved to meetany deficits or contingencies
- D Returned to the taxpayer
Question 38:
Accrual concept stipulates that?
- A Revenue should be recognized when it is earned
- B Costs should be recognized when the expenditure is paid
- C Revenue should be recognized only when cash is paid
- D Costs should be recognized when the are incurred
Question 39:
Accrual concept stipulates that?
- A Revenue should be recognized when it is earned
- B Costs should be recognized when the expenditure is paid
- C Revenue should be recognized only when cash is paid
- D Costs should be recognized when the are incurred
Question 40:
The basic role of accounting is to?
- A Detect fraud
- B Attest to finacial statements
- C Measure performance
- D Protect sharehlders