Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1326:

• JAMB 2021

Recurrent expenditures are expenses for the period not exceeding

A. 10years
B. 2years
C. 5years
D. 1year

Question 1327:

• JAMB 2021

The major objectives of departmental account is to ascertain the

A. Materials sold in each department
B. Insurance premium payable on employees
C. Number of employees in each department
D. Contribution of each department to profit

Question 1328:

• JAMB 2021

Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.

From the above, which of the following is delivered to the registrar of companies for incorporation?

A. I, ii and iii
B. I and ii
C. I and iii
D. Ii and iii

Question 1329:

• JAMB 2021

The formular for calculating depreciation using straight line method is


A. Cost-scrap value/useful life
B. Scrap value+sales/useful life
C. Sales-scrap value/useful life
D. Purshases+sales/useful life

Question 1330:

• 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