Jamb Accounts - Principles of Accounts 2008 Past Questions and Answers

Question 1:

• JAMB 2008

One of the major features of bookkeeping is that it?

A. Provides permanent records for all financial transactions
B. Is futuristic in nature
C. Accpets responsibility for all wrong postings
D. Does not give room for double entry procedures

Question 2:

• JAMB 2008

One of the major features of bookkeeping is that it?

A. Provides permanent records for all financial transactions
B. Is futuristic in nature
C. Accpets responsibility for all wrong postings
D. Does not give room for double entry procedures

Question 3:

• JAMB 2008

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?

A. Conservatism
B. Historical
C. Monetary
D. Cost

Question 4:

• JAMB 2008

A financial analyst needs accounting information to?

A. Maintain the production section of the business
B. Know why transactions cause increase and decreases in assets
C. Advise on how to manage the business
D. Know how to record transaction in T account

Question 5:

• JAMB 2008

One basic assumption of the double entry theory is that it allows?

A. Two credit entries at the same time
B. Two debit entries at the same time
C. Debit and credit two credit entries at the same time
D. Debit and credit two credit entries in corresponding account