Jamb Accounting Past Questions For Year 1999
Question 1
Accrual concept stipulates that?
- A. revenue should be recognized when it is earned
- B. costs should be recognized when the expenditure is paid
- C. revenue should be recognized only when cash is paid
- D. costs should be recognized when the are incurred
Question 2
A basic unifying concept in accounting implies that?
- A. where creditors'account is zero, the assets are equal to the owners' equity
- B. there should be a balance in the creditors' account in order to measure total assets
- C. revenues should be supported by invested and owners'capital
- D. total assets can be less than liabilities and equity
Question 3
When a proprietor withdraws cash from the business for private use, he?
- A. debits cash account and credits drawings account
- B. credits cash account and debits bank account
- C. debits bank account and credits drawings account
- D. credits cash account and debits drawings account
Question 4
The need for changes in accounting theory in Nigeria was influenced by the?
- A. dynamics of commercialization and privatization policies
- B. growh in size of business units
- C. introduction of the structural adjustment programme
- D. inconvertibility of the nation's currency
Question 5
The basic role of accounting is to?
- A. detect fraud
- B. attest to finacial statements
- C. measure performance
- D. protect sharehlders
