Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 36:

• JAMB 1994

The receipt from a special tax levy to pay maturing interest obligation are recorded in

A. Capital fund project
B. Debt Service Fund
C. Tax Assessment Fund
D. Special Revenue Fund

Question 37:

• JAMB 1994

The cash bass of accounting requires the recognition of revenue only when they are

A. Due
B. Earned
C. Paid
D. Received

Question 38:

• JAMB 1995

which of the following factors has aided the development of accounting?

A. The emergence of nation states
B. The discovery of mineral resources in commercial quantity
C. The growth in size of businesses and separation of ownership and management
D. The development and management of sophisticated monetary system

Question 39:

• JAMB 1995

which of the following factors has aided the development of accounting?

A. The emergence of nation states
B. The discovery of mineral resources in commercial quantity
C. The growth in size of businesses and separation of ownership and management
D. The development and management of sophisticated monetary system

Question 40:

• JAMB 1995

Which of the following concept stipulates that accounting profit is the difference between revenue and expenses?

A. Accrual concept
B. Conservatism concept
C. Prudence concept
D. Materiality concept