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

Question 21:

• 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 22:

• 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 23:

• JAMB 1999

The basic role of accounting is to?

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

Question 24:

• JAMB 1999

The need for changes in accounting theory in Nigeria was influenced by the?

A. Dynamics of commercialization and privatization policies
B. Growh in size of business units
C. Introduction of the structural adjustment programme
D. Inconvertibility of the nation's currency

Question 25:

• JAMB 1999

A basic unifying concept in accounting implies that?

A. Where creditors'account is zero, the assets are equal to the owners' equity
B. There should be a balance in the creditors' account in order to measure total assets
C. Revenues should be supported by invested and owners'capital
D. Total assets can be less than liabilities and equity