Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 186:

• JAMB 1998

In a public corporation, the capital expenditure incurred in a financial period is?

A. Spread over the useful life of the assets through depreciation
B. Apportioned at a pre-determined rate stipulated by law
C. Written off in the year in which they occur
D. Merged with recurrent expenditure and reported in one required lump sum

Question 187:

• JAMB 1998

Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?

A. Surrendered to the consolidated revenue fund
B. Carried forward to the next financial year
C. Reserved to meetany deficits or contingencies
D. Returned to the taxpayer

Question 188:

• JAMB 1999

Accrual concept stipulates that?

A. Revenue should be recognized when it is earned
B. Costs should be recognized when the expenditure is paid
C. Revenue should be recognized only when cash is paid
D. Costs should be recognized when the are incurred

Question 189:

• JAMB 1999

Accrual concept stipulates that?

A. Revenue should be recognized when it is earned
B. Costs should be recognized when the expenditure is paid
C. Revenue should be recognized only when cash is paid
D. Costs should be recognized when the are incurred

Question 190:

• JAMB 1999

The basic role of accounting is to?

A. Detect fraud
B. Attest to finacial statements
C. Measure performance
D. Protect sharehlders