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

Question 16:

• JAMB 1997

In preparing accounting records, the owner of a business and the business are treated as

A. The same person
B. Having business relationship
C. Separate legal entities
D. Partners

Question 17:

• JAMB 1997

Creditors use Accounting information for the purpose of

A. Planning sales to a company
B. Controlling a company's affairs
C. Investing in a company
D. Assessing a company's liquidity

Question 18:

• 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 19:

• 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 20:

• 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