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

Question 61:

• JAMB 2014

The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

A. Matching
B. Consistency
C. Realization
D. Going concern

Question 62:

• JAMB 2015

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

A. Materiality
B. Accrual
C. Going concern
D. Business entity

Question 63:

• JAMB 2015

The accounting convention that state that, stock should be value that the lower of cost and net realized value is --------------- convention

A. Marching
B. Consistency
C. Realization
D. Prudency

Question 64:

• JAMB 2015

The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------

A. Conversion
B. Control
C. Allocation
D. Analysis

Question 65:

• JAMB 2015

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------

A. Financial accounting
B. Accounting policies
C. Cost accounting
D. Accounting conventions