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

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 21· Accounting concepts and conventions· WAEC

    Revenue is recognised when goods are delivered to the customer, not when cash is received. This is the

    Explanation and discussion

  2. Question 22· Accounting concepts and conventions· WAEC

    Changing depreciation methods every year would break the

    Explanation and discussion

  3. Question 23· Accounting concepts and conventions· JAMB

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

    Explanation and discussion

  4. Question 24· Accounting concepts and conventions· JAMB

    The business entity concept means that

    Explanation and discussion

  5. Question 25· Accounting concepts and conventions· JAMB

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

    Explanation and discussion

  6. Question 26· Accounting concepts and conventions· WAEC

    Recording a building at what it cost rather than its current market value follows the

    Explanation and discussion

  7. Question 27· 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

  8. Question 28· Accounting concepts and conventions· JAMB

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

    Explanation and discussion

  9. Question 29· Accounting concepts and conventions· WAEC

    The concept that treats a business as separate from its owner is the

    Explanation and discussion

  10. Question 30· Accounting concepts and conventions· WAEC

    The owner's personal expenses are not recorded as business expenses because of the

    Explanation and discussion

  11. Question 31· Accounting concepts and conventions· JAMB

    The historical cost concept means assets are recorded at

    Explanation and discussion

  12. Question 32· 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

  13. Question 33· 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

  14. Question 34· Accounting concepts and conventions· JAMB

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

    Explanation and discussion

  15. Question 35· Accounting concepts and conventions· WAEC

    Providing for doubtful debts follows the

    Explanation and discussion

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