Instruments of financial regulation - 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 2000

The channel through which all government borrowing and domestic lending transactions pass is called?

A. Special trust fund
B. Agency fund
C. National loan fund
D. Contingency fund

Question 3:

• JAMB 2001

The current growth in the volume of trading and financial dealings in Nigeria is helped by?

A. Increased financial activities
B. Government intervention
C. Credit as a factor in business
D. Payment for goods in cash

Question 4:

• JAMB 2004

The budget statement presented to the legislature by the Chief Executive is called?

A. An appropriation act
B. A budget bill
C. An appropriation bill
D. A budget proposal

Question 5:

• JAMB 2004

The statement of assets and liabilities in the public sector can be described as the?

A. Income and expenditure accountof government
B. Appropriation account of government
C. Balance sheet of government
D. Funds flow statement of government