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

Question 41:

• JAMB 2006

Stationary 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. Materiality
C. Realization
D. Accrual

Question 42:

• JAMB 2007

The fourth stage of the accounting information system is?

A. Recording
B. Interpreting
C. Summarizing
D. Classifying

Question 43:

• JAMB 2007

One of the benefits of book-keeping records is that they?

A. Give prospective investors accurate and direct information for decisions-making
B. Provide the public and creditors with details of the operations of an entity
C. Give legal backing to all the transactions undertaken by a business entity
D. Provide information without which the task of management would be difficult

Question 44:

• JAMB 2008

One of the major features of bookkeeping is that it?

A. Provides permanent records for all financial transactions
B. Is futuristic in nature
C. Accpets responsibility for all wrong postings
D. Does not give room for double entry procedures

Question 45:

• JAMB 2008

One of the major features of bookkeeping is that it?

A. Provides permanent records for all financial transactions
B. Is futuristic in nature
C. Accpets responsibility for all wrong postings
D. Does not give room for double entry procedures