Question 201· Nature and purpose of accounting· JAMB
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JAMB Accounts (Principles of Accounts) questions
312 questions with answers and explanations. Tap an option to check yourself.
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19
- Explanation and discussion
Question 202· Nature and purpose of accounting· JAMB
Accounting is best described as the process of
Explanation and discussionQuestion 203· Nature and purpose of accounting· JAMB
The main objective of financial accounting is to
Explanation and discussionQuestion 204· Nature and purpose of accounting· JAMB
Which of these is a function of accounting?
Explanation and discussionQuestion 205· Nature and purpose of accounting· JAMB
Cost accounting is concerned mainly with
Explanation and discussionQuestion 206· Nature and purpose of accounting· JAMB
The Financial Reporting Council of Nigeria is responsible for
Explanation and discussionQuestion 207· Nature and purpose of accounting· JAMB
A bank deciding whether to lend to a business relies on its accounts mainly to judge its
Explanation and discussionQuestion 208· Nature and purpose of accounting· JAMB
The accounting profession in Nigeria is regulated by bodies such as
Explanation and discussionQuestion 209· Nature and purpose of accounting· JAMB
The branch of accounting that provides information for planning and control within a firm is
Explanation and discussionQuestion 210· Nature and purpose of accounting· JAMB
A business starts with cash of ₦200,000 and a bank loan of ₦50,000. Its capital is
Explanation and discussionQuestion 211· Nature and purpose of accounting· JAMB
The total of the accounting equation does NOT change when
Explanation and discussionQuestion 212· Nature and purpose of accounting· JAMB
Which of these is NOT a branch of accounting?
Explanation and discussionQuestion 213· Nature and purpose of accounting· JAMB
Book-keeping differs from accounting because book-keeping is concerned mainly with
Explanation and discussionQuestion 214· Partnership accounts· JAMB
Ade and Bola share profits in the ratio 3 : 2. Profit after appropriations is ₦250,000. Find Bola's share.
Explanation and discussionQuestion 215· Partnership accounts· JAMB
When a partner retires, the amount due to him may be transferred to
Explanation and discussionQuestion 216· Partnership accounts· JAMB
When a new partner is admitted, goodwill is valued in order to
Explanation and discussionQuestion 217· Partnership accounts· JAMB
On admission of a new partner, assets are often revalued and the profit or loss is shared among
Explanation and discussionQuestion 218· Partnership accounts· JAMB
Where partners keep fixed capital accounts, their shares of profit are credited to their
Explanation and discussionQuestion 219· Partnership accounts· JAMB
Ada and Bola are partners sharing profits and losses in the ratio 3:2. For the year, net profit was ₦250,000. Interest on capital: Ada ₦10,000, Bola ₦6,000. Bola is entitled to a salary of ₦24,000.
What is Ada's share of the residual profit?
Explanation and discussionQuestion 220· Partnership accounts· JAMB
The realisation account is opened when a partnership is
Explanation and discussion
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