Development of accounting - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• JAMB 1995

which of the following factors has aided the development of accounting?

A. The emergence of nation states
B. The discovery of mineral resources in commercial quantity
C. The growth in size of businesses and separation of ownership and management
D. The development and management of sophisticated monetary system

Question 3:

• JAMB 1995

which of the following factors has aided the development of accounting?

A. The emergence of nation states
B. The discovery of mineral resources in commercial quantity
C. The growth in size of businesses and separation of ownership and management
D. The development and management of sophisticated monetary system

Question 4:

• 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 5:

• 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