Public Sector Accounting - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 36:

• JAMB 2009

Expenditure incurred on consumables and goods for resale is?

A. Revenue expenditure
B. Capital expenditure
C. Sunk cost
D. Miscellanous expenses

Question 37:

• JAMB 2009

Replacement and renewal of fixed assets are?

A. Revenue receipt
B. Capital receipt
C. Capital expenditure
D. Revenue expenditure

Question 38:

• JAMB 2009

Which of the following is credited to the consolidated revenue fund?

A. Recurrent expenditure
B. Capital expenditure
C. Transfer to revenue fund
D. International revenue

Question 39:

• JAMB 2009

One of the reasons for the existence of the public sector is to?

A. Take adequate care of the needy
B. Supplement the commercial sector
C. Provide cheap services to all citizens
D. Correct perceived inequalities

Question 40:

• JAMB 2010

The major function of accounting bodies in Nigeria is to?

A. Provide proper financial management of businesses
B. Provide good remuneration to the members
C. Promote the ethics of the profession
D. Show the dynamic nature of the profession