Comparison of cash and accrual basis of accounting - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• JAMB 1997

Public sector accounting is based on

A. Cash
B. Accrual
C. Budget
D. Consolidated fund

Question 3:

• JAMB 2002

In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

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

Question 4:

• JAMB 2015

The basis of accounting for public sector is

A. Accrual basis
B. Cost basis
C. Revenue basis
D. Cash basis