JAMB Accounts (Principles of Accounts) questions: Accounting concepts and conventions

18 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 1· Accounting concepts and conventions· JAMB
The dual aspect concept means that
Explanation and discussion
Question 2· Accounting concepts and conventions· JAMB
Preparing accounts for regular intervals such as a year follows the
Explanation and discussion
Question 3· Accounting concepts and conventions· JAMB
The skill and loyalty of a firm's workers are not recorded in its books because of the
Explanation and discussion
Question 4· Accounting concepts and conventions· JAMB
Providing for all expected losses while not recording profits until they are realised applies the convention of
Explanation and discussion
Question 5· Accounting concepts and conventions· JAMB
Matching expenses with the revenue they help to earn in the same period is the
Explanation and discussion
Question 6· Accounting concepts and conventions· JAMB
A stapler costing ₦1,500 that will last five years is written off as an expense at once. This follows the
Explanation and discussion
Question 7· Accounting concepts and conventions· JAMB
Only transactions that can be expressed in money are recorded, according to the
Explanation and discussion
Question 8· Accounting concepts and conventions· JAMB
The prudence concept requires that
Explanation and discussion
Question 9· Accounting concepts and conventions· JAMB
Valuing closing inventory at the lower of cost and net realisable value follows the
Explanation and discussion
Question 10· Accounting concepts and conventions· JAMB
Recording a debtor's dishonoured cheque again as an amount owed applies the
Explanation and discussion
Question 11· Accounting concepts and conventions· JAMB
The business entity concept means that
Explanation and discussion
Question 12· Accounting concepts and conventions· JAMB
Charging the expenses of a period against the revenue of that same period applies the
Explanation and discussion
Question 13· Accounting concepts and conventions· JAMB
Revenue is treated as earned when goods are delivered to the customer, not when cash is received. This is the
Explanation and discussion
Question 14· Accounting concepts and conventions· JAMB
Recording assets at the price originally paid for them, rather than at current value, applies the
Explanation and discussion
Question 15· Accounting concepts and conventions· JAMB
The historical cost concept means assets are recorded at
Explanation and discussion
Question 16· Accounting concepts and conventions· JAMB
The concept which assumes that a business will continue to operate in the foreseeable future is the
Explanation and discussion
Question 17· Accounting concepts and conventions· JAMB
The convention that requires a business to use the same method of depreciation from year to year is
Explanation and discussion
Question 18· Accounting concepts and conventions· JAMB
Treating the owner's private car as separate from the business assets applies the
Explanation and discussion

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JAMB Accounts (Principles of Accounts) questions: Accounting concepts and conventions

The dual aspect concept means that

Preparing accounts for regular intervals such as a year follows the

The skill and loyalty of a firm's workers are not recorded in its books because of the

Providing for all expected losses while not recording profits until they are realised applies the convention of

Matching expenses with the revenue they help to earn in the same period is the

A stapler costing ₦1,500 that will last five years is written off as an expense at once. This follows the

Only transactions that can be expressed in money are recorded, according to the

The prudence concept requires that

Valuing closing inventory at the lower of cost and net realisable value follows the

Recording a debtor's dishonoured cheque again as an amount owed applies the

The business entity concept means that

Charging the expenses of a period against the revenue of that same period applies the

Revenue is treated as earned when goods are delivered to the customer, not when cash is received. This is the

Recording assets at the price originally paid for them, rather than at current value, applies the

The historical cost concept means assets are recorded at

The concept which assumes that a business will continue to operate in the foreseeable future is the

The convention that requires a business to use the same method of depreciation from year to year is

Treating the owner's private car as separate from the business assets applies the