Jamb Accounting Past Questions For Year 1994
Question 31
The amount of individual items on a government budget is called
- A. vote
- B. deposit
- C. loan
- D. grant
Question 32
The cash bass of accounting requires the recognition of revenue only when they are
- A. due
- B. earned
- C. paid
- D. received
Question 33
The receipt from a special tax levy to pay maturing interest obligation are recorded in
- A. capital fund project
- B. Debt Service Fund
- C. Tax Assessment Fund
- D. Special Revenue Fund
Question 34
The expenditure on a good or services which is consumed either immediately or within a current accounting period is called
- A. fixed expenditure
- B. capital expenditure
- C. annual expenditure
- D. recurrent expenditure
Question 35
An advantage of using accounting ratios is that they
- A. can be easily calculated
- B. facilitate decision making
- C. are stipulated by law
- D. shows error and fraud
