Jamb Accounting Past Questions For Year 1998
Question 1
An advantage of the use of the voucher system is that it?
- A. reduces the number of cheques that will be writen during any given period
- B. provides a highly flexible system for handling unusual transactions
- C. provides a comprehensive record of business done with particular suppliers
- D. ensure that every expenditure is reviewed and verified before payment is made
Question 2
Responsibility accounting is particularly concerned with?
- A. histoical accounting
- B. controllable costs
- C. storekeeping
- D. valuation of stock
Question 3
Cost reports for the intention of management should reflect?
- A. as much details as possible
- B. summary figures only
- C. details of non-controllable expenses
- D. cost and comparable data useful in decision-making
Question 4
The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?
- A. Ist September, 1960
- B. Ist October, 1960
- C. Ist October,1963
- D. Ist , September,1965
Question 5
If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?
- A. overstate income this year and understate in next year
- B. understate income this year and overstate in next year
- C. understate this year's income with no effect on the next year's
- D. overstate the income for the two-year period
