Role of accounting records and information - 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

An effective accounting system should provide information

A. On new product and methods
B. For cutomer feed back and requirement
C. On internal and external reporting for managers and third parties
D. For promoters, directors, labour union and distributors

Question 3:

• JAMB 1999

The basic role of accounting is to?

A. Detect fraud
B. Attest to finacial statements
C. Measure performance
D. Protect sharehlders

Question 4:

• JAMB 2012

An accountant must not only be interested in record keeping but also in

A. The application of professional competency
B. The accuracy of postings
C. The casting of financial figures
D. Effective preparation of balance sheet

Question 5:

• JAMB 2018

The main objective of accounting report is to provide information about?

A. The efficacy of assets
B. A company's shareholding
C. Company's economic resources
D. An entity's management