Jamb Accounting Past Questions For Year 2008
Question 1
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
Question 2
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?
- A. Conservatism
- B. Historical
- C. Monetary
- D. Cost
Question 3
One of the major features of bookkeeping is that it?
- A. provides permanent records for all financial transactions
- B. is futuristic in nature
- C. accpets responsibility for all wrong postings
- D. does not give room for double entry procedures
Question 4
Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?
- A. i and ii
- B. i and v
- C. ii and iv
- D. iii and v
Question 5
Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?
- A. i and v
- B. ii and iv
- C. ii and vi
- D. iii and iv
