Principles, concepts, and conventions of accounting - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 16:

• JAMB 2004

The accounting principle that is applied to check arbitrary actions on the part of accountants is?

A. Consistency
B. Materiality
C. Objectivity
D. Realization

Question 17:

• JAMB 2005

The concept that has much influence over asset valuation and income determination is?

A. Entity
B. Realization
C. Conversactism
D. Matching

Question 18:

• JAMB 2005

The accounting method that reports incomes when earned and expenses when incurred is called?

A. Cash accounting
B. Commitment accounting
C. Fund accounting
D. Accrual accounting

Question 19:

• JAMB 2006

Accrual accounting differs from cash accounting because it recognizes?

A. Cash and creditors
B. Debtors and creditors
C. Cash and debitors
D. Prepayment and cash

Question 20:

• JAMB 2006

Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset.
This concept is called?

A. Entity
B. Materiality
C. Realization
D. Accrual