Jamb Accounts - Principles of Accounts Questions - Branches of accounting
Question 1:
The term "accounting period" is used to refer to the
- A Time span during which taxes are paid to the inland revenue board
- B Budget period, usually one year, relied on by the accountant
- C Time span, usually one year, covered by financial statement
- D Period within which debtors are expected to settle accounts
Question 2:
The term "accounting period" is used to refer to the
- A Time span during which taxes are paid to the inland revenue board
- B Budget period, usually one year, relied on by the accountant
- C Time span, usually one year, covered by financial statement
- D Period within which debtors are expected to settle accounts
Question 3:
Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as
- A Passing of entries
- B Consistency convention
- C Matching concept
- D Adjusting for revenue
Question 4:
when shares issued are paid for, accounting entry required is
- A Debit bank or cash account and credit share capital and/or premium account
- B Credit bank or cash account and debit share capital and/or premium account
- C Debit shares account and credit capital account
- D Credit shares account and debit capital account
Question 5:
The expenditure on a good or services which is consumed either immediately or within a current accounting period is called
- A Fixed expenditure
- B Capital expenditure
- C Annual expenditure
- D Recurrent expenditure