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

Question 26:

• JAMB 2000

The main objective of bookkeeping is to record economic?

A. Transactions systematically for routine managerial decision-making
B. Events clearly to ensure adequate checks and balances
C. Events clearly to facilitate strategic managerial desicion-making
D. Transaction systematically to ascertain the financial position of a business

Question 27:

• JAMB 2000

The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is

A. Cost
B. Prudence
C. Consistency
D. Entity

Question 28:

• JAMB 2001

Cost accounting entails the provision of information?

A. For investment purposes
B. For descision making
C. To shareholders
D. To stockholders

Question 29:

• JAMB 2001

The main objective of accounting report is to provide information about?

A. A company's shareholding
B. An entity's management
C. The efficacy of assets
D. A company's economic resources

Question 30:

• JAMB 2003

The two legally recognized professional accounting bodies in Nigeria are the?

A. Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
B. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D. Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria