Jamb Accounts - Principles of Accounts 1995 Past Questions and Answers

Question 1:

• JAMB 1995

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

Question 2:

• JAMB 1995

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

Question 3:

• JAMB 1995

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

Question 4:

• JAMB 1995

An effective accounting system should provide information

A. On new product and methods
B. For cutomer feed back and requirement
C. On internal and external reporting for managers and third parties
D. For promoters, directors, labour union and distributors

Question 5:

• JAMB 1995

Which of the following accounting records are source documents?

A. Journal and ledgers
B. Sales invoice and cash book
C. Cash book and debit note
D. Sales invoice and debit note