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

Question 26:

• JAMB 2015

The accounting convention that state that, stock should be value that the lower of cost and net realized value is --------------- convention

A. Marching
B. Consistency
C. Realization
D. Prudency

Question 27:

• JAMB 2015

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------

A. Financial accounting
B. Accounting policies
C. Cost accounting
D. Accounting conventions

Question 28:

• JAMB 2015

The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is

A. Periodicity
B. Business entity
C. Dual aspect
D. Going concern

Question 29:

• JAMB 2019

In the preparation of account, the owners of the business and the business concerned are treated as:

A. Partners
B. Joint venture
C. The same person
D. Separate legal entities

Question 30:

• JAMB 2021

Stationery 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. Accrual
C. Realization
D. Materiality