Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 276:

• JAMB 2000

The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?

A. Public Accounts Committee
B. Public Audit Committee
C. Internal Audit Committee
D. External Audit Committee

Question 277:

• JAMB 2000

(i) Meet growth and diversification need.
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees' income.
Which of the reasons above do companies consider in establishing branches?

A. I and ii
B. I, ii and iii
C. Ii, iii and iv
D. Iii and iv

Question 278:

• JAMB 2000

The channel through which all government borrowing and domestic lending transactions pass is called?

A. Special trust fund
B. Agency fund
C. National loan fund
D. Contingency fund

Question 279:

• JAMB 2000

Recurrent expenditure are expenses for the period not exceeding?

A. 10 years
B. 5 years
C. 2 years
D. 1 year

Question 280:

• JAMB 2000

A major benefit derived from the reconciliation of branch and head office books is to?

A. Determine accurate returns by the branch
B. Ascertian the correct profit or loss on branch activities
C. Enable the branch to keep control over stock
D. Enable the branch to ascertain debtor's balance