Nature and Significance of Accounting - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 46:

• 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 47:

• 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 48:

• JAMB 2009

Which of the following branches of accounting was first developed?

A. Cost accounting
B. Financial acounting
C. Management accounting
D. Petroleum accounting

Question 49:

• JAMB 2009

Which of the following branches of accounting was first developed?

A. Cost accounting
B. Financial acounting
C. Management accounting
D. Petroleum accounting

Question 50:

• JAMB 2009

The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?

A. Accruals
B. Materiality
C. Objectivity
D. Periodicity