Jamb Accounts - Principles of Accounts 1999 Past Questions and Answers

Question 1:

• JAMB 1999

Accrual concept stipulates that?

A. Revenue should be recognized when it is earned
B. Costs should be recognized when the expenditure is paid
C. Revenue should be recognized only when cash is paid
D. Costs should be recognized when the are incurred

Question 2:

• JAMB 1999

Accrual concept stipulates that?

A. Revenue should be recognized when it is earned
B. Costs should be recognized when the expenditure is paid
C. Revenue should be recognized only when cash is paid
D. Costs should be recognized when the are incurred

Question 3:

• JAMB 1999

The basic role of accounting is to?

A. Detect fraud
B. Attest to finacial statements
C. Measure performance
D. Protect sharehlders

Question 4:

• JAMB 1999

The need for changes in accounting theory in Nigeria was influenced by the?

A. Dynamics of commercialization and privatization policies
B. Growh in size of business units
C. Introduction of the structural adjustment programme
D. Inconvertibility of the nation's currency

Question 5:

• JAMB 1999

A bookkeeping error occurs when there is?

A. A deliberate manipulation of records
B. Unintentional correct posting in the ledger
C. Intentional failure to record transactions completely
D. Incorrect records and oversights that are not intended