Jamb Accounts - Principles of Accounts 1998 Past Questions and Answers

Question 1:

• JAMB 1998

The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?

A. Ist September, 1960
B. Ist October, 1960
C. Ist October,1963
D. Ist , September,1965

Question 2:

• JAMB 1998

The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?

A. Ist September, 1960
B. Ist October, 1960
C. Ist October,1963
D. Ist , September,1965

Question 3:

• JAMB 1998

Cost reports for the intention of management should reflect?

A. As much details as possible
B. Summary figures only
C. Details of non-controllable expenses
D. Cost and comparable data useful in decision-making

Question 4:

• JAMB 1998

Responsibility accounting is particularly concerned with?

A. Histoical accounting
B. Controllable costs
C. Storekeeping
D. Valuation of stock

Question 5:

• JAMB 1998

An advantage of the use of the voucher system is that it?

A. Reduces the number of cheques that will be writen during any given period
B. Provides a highly flexible system for handling unusual transactions
C. Provides a comprehensive record of business done with particular suppliers
D. Ensure that every expenditure is reviewed and verified before payment is made