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

Question 36:

• JAMB 2005

The double principle of accounting was developed by?

A. Frank Wood
B. Luca Pacioli
C. Akintola Williams
D. William Pickles

Question 37:

• JAMB 2005

The concept that has much influence over asset valuation and income determination is?

A. Entity
B. Realization
C. Conversactism
D. Matching

Question 38:

• JAMB 2005

The accounting method that reports incomes when earned and expenses when incurred is called?

A. Cash accounting
B. Commitment accounting
C. Fund accounting
D. Accrual accounting

Question 39:

• JAMB 2006

Accrual accounting differs from cash accounting because it recognizes?

A. Cash and creditors
B. Debtors and creditors
C. Cash and debitors
D. Prepayment and cash

Question 40:

• JAMB 2006

A major factor that enhanced the early development of accounting is the?

A. Industrial Revolution
B. Growing of trade and commerce
C. Development of arithmetic
D. Invention of writing