Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1271:

• 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 1272:

• JAMB 2019

Given:

Additional capitalCapitalClosing capitalNet profit

₦40008000120001500

The drawings for the period stand at

A. 1500
B. 3000
C. 12,000
D. 10,500

Question 1273:

• JAMB 2019

The importance of bank statement is all except

A. Verifies the accuracy of balances of cash book and cheque book
B. Helps to detect and rectify any error
C. Helps to debit an account
D. Helps to update the cash book

Question 1274:

• 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 1275:

• JAMB 2019

The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

A. FIFO
B. LIFO
C. SAP
D. WAP