Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1091:

• JAMB 2016

An increase in government expenditure within a year is taken care of by means of

A. Virement
B. Financial regulations
C. Supplementary estimate
D. Warrant

Question 1092:

• JAMB 2016

A business organization prepares departmental account in order to

A. Asertian the contribution of each department to the organization
B. Ascertain interdepartmental transfer
C. Build other branches
D. Know the number of departments in the organization

Question 1093:

• JAMB 2016

The objective of departmental account is to

A. Ascertain the amount of profits or losses for the enterprise
B. Ascertain the amount of profits or losses for each department
C. Ascertain the cost of running the organization
D. Offset the loss of each department

Question 1094:

• JAMB 2016

Which of the following expenses relate to the profit and loss account of a manufacturing firm?

A. Administrative overhead
B. Direct labour
C. Direct materials
D. Work-in-progress

Question 1095:

• JAMB 2016

The difference between book keeping and accounting is that while

A. Book keeping interprets data, accounting records it
B. Book keeping is regarded as the language of the business accounting ascertians its strength and weakness
C. Book keeping records data accounting interprets it
D. Book keeping summaries information accounting communicatesit