Jamb Accounts - Principles of Accounts Questions - Nature and Significance of Book keeping and Accounting
Question 41:
The need for changes in accounting theory in Nigeria was influenced by the?
- A Dynamics of commercialization and privatization policies
- B Growh in size of business units
- C Introduction of the structural adjustment programme
- D Inconvertibility of the nation's currency
Question 42:
A basic unifying concept in accounting implies that?
- A Where creditors'account is zero, the assets are equal to the owners' equity
- B There should be a balance in the creditors' account in order to measure total assets
- C Revenues should be supported by invested and owners'capital
- D Total assets can be less than liabilities and equity
Question 43:
Manufacturing costs can be classified based on?
- A Timing of charges degree of averaging and size of capital
- B Degree of averaging, ease of traceability and timing of charges
- C Degree of averaging, size of floor space occupied and cost accounts
- D Number of employees, timing of charges and management style
Question 44:
Which of the following account is kept by local governments in Nigeria?
- A Balance sheet
- B Advances account
- C Debtors account
- D Profit account
Question 45:
Use the information below to answer the question
The quick ratio is
- A 0. 82: 1
- B 0. 91:1
- C 0.95:1
- D 1:53:1