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

29 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· Nature and purpose of accounting· JAMB

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

    Explanation and discussion

  2. Question 22· Nature and purpose of accounting· WAEC

    The accounting equation is

    Explanation and discussion

  3. Question 23· 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

  4. Question 24· Nature and purpose of accounting· JAMB

    The total of the accounting equation does NOT change when

    Explanation and discussion

  5. Question 25· Nature and purpose of accounting· JAMB

    Which of these is NOT a branch of accounting?

    Explanation and discussion

  6. Question 26· Nature and purpose of accounting· WAEC

    A business has assets of ₦850,000 and liabilities of ₦230,000. What is its capital?

    Explanation and discussion

  7. Question 27· Nature and purpose of accounting· WAEC

    Which body regulates financial reporting standards in Nigeria?

    Explanation and discussion

  8. Question 28· Nature and purpose of accounting· WAEC

    Which of these users of accounts is interested mainly in whether a business can repay its loans?

    Explanation and discussion

  9. Question 29· Nature and purpose of accounting· JAMB

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

    Explanation and discussion

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