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

Question 21:

• JAMB 2009

The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?

A. Accruals
B. Materiality
C. Objectivity
D. Periodicity

Question 22:

• JAMB 2012

The basis upon which assets of an organization is valued is the

A. Historical concept
B. Business entity concept
C. Periodicity concept
D. Materiality concept

Question 23:

• JAMB 2012

The basis upon which assets of an organization is valued is the

A. Historical concept
B. Business entity concept
C. Periodicity concept
D. Materiality concept

Question 24:

• JAMB 2014

The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

A. Matching
B. Consistency
C. Realization
D. Going concern

Question 25:

• JAMB 2015

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

A. Materiality
B. Accrual
C. Going concern
D. Business entity