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

Question 76:

• JAMB 2019

Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is

A. Realisation concept
B. Entity concept
C. Going concern concept
D. Matching concept

Question 77:

• JAMB 2019

The two recognised accounting bases are

A. Cash and credit
B. Personal and impersonal
C. Accrual and Cash
D. Drawings and Private

Question 78:

• JAMB 2019

Accounting standards are issued at the International level by the

A. Standards Advisory Council
B. International Accounting Standards Board
C. Nigerian Accounting Standards Board
D. Standing Interpretations Committee

Question 79:

• JAMB 2019

Majority of commercial transactions are termed credit transactions, which means

A. The buyers pay immediately for goods bought
B. Settlement is deferred to a future date
C. No account will be opened
D. Item of expenditure increases

Question 80:

• JAMB 2019

One of the limitations of accounting is that

A. It ascertain financial position
B. It prevent fraud
C. Transactions are recorded in monetary terms
D. It monitor the progress of the enterprise