Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 36:

• JAMB 2019

The importance of bank statement is all except

A. Verifies the accuracy of balances of cash book and cheque book
B. Helps to detect and rectify any error
C. Helps to debit an account
D. Helps to update the cash book

Question 37:

• JAMB 2019

Accounting standards are issued at the International level by the

A. Standards Advisory Council
B. International Accounting Standards Board
C. Nigerian Accounting Standards Board
D. Standing Interpretations Committee

Question 38:

• JAMB 2019

The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

A. FIFO
B. LIFO
C. SAP
D. WAP

Question 39:

• JAMB 2019

One of these is not a similarity between Joint Venture and Partnership.

A. AIM is profit making
B. It is for a specific venture
C. Involves two people
D. Have rights and duties

Question 40:

• JAMB 2019

Majority of commercial transactions are termed credit transactions, which means

A. The buyers pay immediately for goods bought
B. Settlement is deferred to a future date
C. No account will be opened
D. Item of expenditure increases