Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 141:

• JAMB 1998

The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?

A. Ist September, 1960
B. Ist October, 1960
C. Ist October,1963
D. Ist , September,1965

Question 142:

• JAMB 1998

Cost reports for the intention of management should reflect?

A. As much details as possible
B. Summary figures only
C. Details of non-controllable expenses
D. Cost and comparable data useful in decision-making

Question 143:

• JAMB 1998

Responsibility accounting is particularly concerned with?

A. Histoical accounting
B. Controllable costs
C. Storekeeping
D. Valuation of stock

Question 144:

• JAMB 1998

An advantage of the use of the voucher system is that it?

A. Reduces the number of cheques that will be writen during any given period
B. Provides a highly flexible system for handling unusual transactions
C. Provides a comprehensive record of business done with particular suppliers
D. Ensure that every expenditure is reviewed and verified before payment is made

Question 145:

• JAMB 1998

A business transaction is recorded in the books of account when the?

A. Owner of the business invests his N10,000 in another company
B. Business retains part of ofits profits for future expansion purposes
C. Business invest applies for overdraft facilities from its bankers
D. Owner of the business collects N5,000 from the accountant