Statement of assets and liabilities - 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

The end result of governmental accounting procedure is to

A. Keep proper records of government expenditures
B. Give financial information to the public and investors
C. Produce timely and accurate financial reports for legislators and the public
D. Give information on the performance of public enterprises

Question 3:

• JAMB 2007

A pension granted to any past president or vice-president shall be charged to the?

A. Consilidation revenue fund
B. Special pension fund
C. Contingency fund
D. Development fund

Question 4:

• JAMB 2013

Given:
Assets and Liabilities of a Local Government
Bank balance #6,484,000
Cash # 900,000
General revenue balances #9,774,500
Accrued salaries #1,220,000
Investment in shares #1,480,000
Vehicles #7,620,000
Calculate the liabilities of the local government

A. #10,994,500
B. #17,394,500
C. #18,774,500
D. #18,874,500

Question 5:

• JAMB 2015

Which of the following is true in public sector accounting? Cost of assets is

A. Depreciated on straight line method
B. Expensed in the year of purchase
C. Charged to federation account
D. Depreciated on reducing balance method