Jamb Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 1:

• JAMB 2004

The accounting principle that is applied to check arbitrary actions on the part of accountants is?

A. Consistency
B. Materiality
C. Objectivity
D. Realization

Question 2:

• JAMB 2004

The accounting principle that is applied to check arbitrary actions on the part of accountants is?

A. Consistency
B. Materiality
C. Objectivity
D. Realization

Question 3:

• JAMB 2004

The loss of equipment in a fire disaster results in?

A. A decrease in current assets
B. An increase in liabiities and assets
C. A decrease in assets and capital
D. An increase in liabilities and a decrease in assets

Question 4:

• JAMB 2004

A source document is used for verifying the?

A. Amount due to creditors
B. Actual cost of an asset
C. Selling price of goods
D. Amount due from debtors

Question 5:

• JAMB 2004

The rule of accounting equation requires that account payable should be placed under?

A. Liabilities
B. Equities
C. Assets
D. Capital