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Users and characteristics of Accounting information - Jamb Accounts - Principles of Accounts Past Questions and Answers

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Jamb Accounts - Principles of Accounts Past Questions

Jamb Past Questions and Answers on Users and characteristics of Accounting information

Question 1:


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:


Accounting information is used by investors and creditors of a company to predict

A. Future cash flows of the company
B. Future tax payments of the company
C. Potential merger candidates for the company
D. Appropriate remunerations for the company's staff


Question 3:


Creditors use Accounting information for the purpose of

A. Planning sales to a company
B. Controlling a company's affairs
C. Investing in a company
D. Assessing a company's liquidity


Question 4:


Verifiability in accounting is only possible when there are?

A. Minutes of meetings
B. Payment vouchers
C. Source documents
D. Audit certificates


Question 5:


A financial analyst needs accounting information to?

A. Maintain the production section of the business
B. Know why transactions cause increase and decreases in assets
C. Advise on how to manage the business
D. Know how to record transaction in T account






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