Responsibilities and powers - 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 1998

The term fiscal compliance means?

A. Al financial and related laws and regulations are adhered to
B. Only the budget fir the current period is complied with and no deficits allowed
C. All physical assets requirements have been met
D. Fiscal planning is necessary for proper accountabilit in the public sector

Question 3:

• JAMB 1999

Which of the following account is kept by local governments in Nigeria?

A. Balance sheet
B. Advances account
C. Debtors account
D. Profit account

Question 4:

• JAMB 2000

The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?

A. Public Accounts Committee
B. Public Audit Committee
C. Internal Audit Committee
D. External Audit Committee

Question 5:

• JAMB 2001

The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the?

A. Acountant General
B. Auditor General
C. Finance Minister
D. Permanent Secretary