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Friday, 14 August 2026
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Accounts - Principles of Accounts Past Questions and Answers

Topic: Comparison of cash and accrual basis of accounting

Jamb Accounts - Principles of Accounts Questions - Comparison of cash and accrual basis of accounting

Question 1:
Advertising expenses incurred on a product in a business organization should be charged to?
  • A Production department
  • B Sales department
  • C Administration department
  • D Purchases department
View Answer & Explanation
Question 2:
According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?
  • A Consolidated Revenue Fund
  • B Federation Account
  • C Revenue Mobilization Allocation and Fiscal Commission's Account
  • D Equalization Fund
View Answer & Explanation
Question 3:
The financial plan of the government for a year is contained in the?
  • A Budget
  • B Cash analysis book
  • C Vote book
  • D Gazette
View Answer & Explanation
Question 4:
The expenses incurred in purchasing a vehicle is a
  • A Revenue expenditure
  • B Capital expenditure
  • C Recurrent expenditure
  • D Concurrent expenditure
View Answer & Explanation
Question 5:
Advertising expenses incurred on a product in a business organization should be charged to
  • A Sales department
  • B Production department
  • C Purchase department
  • D Administration department
View Answer & Explanation