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

Question 81:

• JAMB 2019

In the preparation of account, the owners of the business and the business concerned are treated as:

A. Partners
B. Joint venture
C. The same person
D. Separate legal entities

Question 82:

• JAMB 2021

The two legally recognized professional accounting bodies in Nigeria are the

A. Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
B. Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria

Question 83:

• JAMB 2021

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

A. Entity
B. Accrual
C. Realization
D. Materiality