Objectives of bookkeeping and accounting - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 2001

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

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

Question 7:

• JAMB 2007

One of the benefits of book-keeping records is that they?

A. Give prospective investors accurate and direct information for decisions-making
B. Provide the public and creditors with details of the operations of an entity
C. Give legal backing to all the transactions undertaken by a business entity
D. Provide information without which the task of management would be difficult

Question 8:

• JAMB 2008

One of the major features of bookkeeping is that it?

A. Provides permanent records for all financial transactions
B. Is futuristic in nature
C. Accpets responsibility for all wrong postings
D. Does not give room for double entry procedures

Question 9:

• JAMB 2008

One of the major features of bookkeeping is that it?

A. Provides permanent records for all financial transactions
B. Is futuristic in nature
C. Accpets responsibility for all wrong postings
D. Does not give room for double entry procedures

Question 10:

• 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