AdmitMe
All subjects

JAMB Accounts (Principles of Accounts) questions: Nature and purpose of accounting

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

AllJAMBWAEC
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

  1. Question 1· Nature and purpose of accounting· JAMB

    A business has assets of ₦850,000 and liabilities of ₦320,000. Its capital is

    Explanation and discussion

  2. Question 2· Nature and purpose of accounting· JAMB

    The person who examines a company's accounts and reports whether they give a true and fair view is the

    Explanation and discussion

  3. Question 3· Nature and purpose of accounting· JAMB

    Which of the following users relies on accounting information mainly to decide whether to grant a loan?

    Explanation and discussion

  4. Question 4· Nature and purpose of accounting· JAMB

    Accounting is best described as the process of

    Explanation and discussion

  5. Question 5· Nature and purpose of accounting· JAMB

    The main objective of financial accounting is to

    Explanation and discussion

  6. Question 6· Nature and purpose of accounting· JAMB

    Which of these is a function of accounting?

    Explanation and discussion

  7. Question 7· Nature and purpose of accounting· JAMB

    Cost accounting is concerned mainly with

    Explanation and discussion

  8. Question 8· Nature and purpose of accounting· JAMB

    The Financial Reporting Council of Nigeria is responsible for

    Explanation and discussion

  9. Question 9· 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 discussion

  10. Question 10· Nature and purpose of accounting· JAMB

    The accounting profession in Nigeria is regulated by bodies such as

    Explanation and discussion

  11. Question 11· Nature and purpose of accounting· JAMB

    The branch of accounting that provides information for planning and control within a firm is

    Explanation and discussion

  12. Question 12· 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 discussion

  13. Question 13· Nature and purpose of accounting· JAMB

    The total of the accounting equation does NOT change when

    Explanation and discussion

  14. Question 14· Nature and purpose of accounting· JAMB

    Which of these is NOT a branch of accounting?

    Explanation and discussion

  15. Question 15· Nature and purpose of accounting· JAMB

    Book-keeping differs from accounting because book-keeping is concerned mainly with

    Explanation and discussion

Practise Accounts (Principles of Accounts) like the real exam. A timed CBT, your score, and the topics to fix.

Start a Accounts (Principles of Accounts) test