Jamb Accounts - Principles of Accounts 1997 Past Questions and Answers

Question 1:

• JAMB 1997

The most important reason for studying accounting is that

A. The information provided by accounting is useful in making decision
B. Accounting plays an important role in the society
C. The study of Accounting leads to challeging career
D. Accounting provides gross profit information

Question 2:

• JAMB 1997

The most important reason for studying accounting is that

A. The information provided by accounting is useful in making decision
B. Accounting plays an important role in the society
C. The study of Accounting leads to challeging career
D. Accounting provides gross profit information

Question 3:

• JAMB 1997

In preparing accounting records, the owner of a business and the business are treated as

A. The same person
B. Having business relationship
C. Separate legal entities
D. Partners

Question 4:

• JAMB 1997

Creditors use Accounting information for the purpose of

A. Planning sales to a company
B. Controlling a company's affairs
C. Investing in a company
D. Assessing a company's liquidity

Question 5:

• JAMB 1997

The instrument that are generated when firms enter into business transactions with others are called

A. Purchase document
B. Journals
C. Source documents
D. Invoices