Objectives of bookkeeping and 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 1997

The most important reason for studying accounting is that

A. The information provided by accounting is useful in making decision
B. Accounting plays an important role in the society
C. The study of Accounting leads to challeging career
D. Accounting provides gross profit information

Question 3:

• JAMB 1997

The most important reason for studying accounting is that

A. The information provided by accounting is useful in making decision
B. Accounting plays an important role in the society
C. The study of Accounting leads to challeging career
D. Accounting provides gross profit information

Question 4:

• JAMB 1998

Cost reports for the intention of management should reflect?

A. As much details as possible
B. Summary figures only
C. Details of non-controllable expenses
D. Cost and comparable data useful in decision-making

Question 5:

• JAMB 2000

The main objective of bookkeeping is to record economic?

A. Transactions systematically for routine managerial decision-making
B. Events clearly to ensure adequate checks and balances
C. Events clearly to facilitate strategic managerial desicion-making
D. Transaction systematically to ascertain the financial position of a business