Nature and Significance of Accounting - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 1995

which of the following factors has aided the development of accounting?

A. The emergence of nation states
B. The discovery of mineral resources in commercial quantity
C. The growth in size of businesses and separation of ownership and management
D. The development and management of sophisticated monetary system

Question 12:

• JAMB 1995

Which of the following concept stipulates that accounting profit is the difference between revenue and expenses?

A. Accrual concept
B. Conservatism concept
C. Prudence concept
D. Materiality concept

Question 13:

• JAMB 1995

An effective accounting system should provide information

A. On new product and methods
B. For cutomer feed back and requirement
C. On internal and external reporting for managers and third parties
D. For promoters, directors, labour union and distributors

Question 14:

• JAMB 1997

The most important reason for studying accounting is that

A. The information provided by accounting is useful in making decision
B. Accounting plays an important role in the society
C. The study of Accounting leads to challeging career
D. Accounting provides gross profit information

Question 15:

• JAMB 1997

The most important reason for studying accounting is that

A. The information provided by accounting is useful in making decision
B. Accounting plays an important role in the society
C. The study of Accounting leads to challeging career
D. Accounting provides gross profit information