JAMB and WAEC Accounts (Principles of Accounts) questions

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

All JAMB WAEC

Question 401· Nature and purpose of accounting· JAMB
Which of these is a function of accounting?
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Answer: A. providing information for decision-making
Explanation and discussion
Question 402· Nature and purpose of accounting· WAEC
The main purpose of accounting is to
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Answer: C. provide financial information for decision-making
Explanation and discussion
Question 403· Nature and purpose of accounting· WAEC
The branch of accounting that provides information to managers for planning and control is
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Answer: C. management accounting
Explanation and discussion
Question 404· Nature and purpose of accounting· WAEC
Government uses business accounts mainly to
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Answer: A. assess tax
Explanation and discussion
Question 405· Nature and purpose of accounting· WAEC
An auditor's main duty is to
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Answer: B. check and report on whether accounts show a true and fair view
Explanation and discussion
Question 406· Nature and purpose of accounting· JAMB
Cost accounting is concerned mainly with
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Answer: C. finding and controlling the cost of products
Explanation and discussion
Question 407· Nature and purpose of accounting· WAEC
Bookkeeping differs from accounting in that bookkeeping is mainly
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Answer: B. the recording of transactions
Explanation and discussion
Question 408· Nature and purpose of accounting· JAMB
The Financial Reporting Council of Nigeria is responsible for
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Answer: D. setting and enforcing accounting and financial reporting standards
Explanation and discussion
Question 409· Nature and purpose of accounting· JAMB
A bank deciding whether to lend to a business relies on its accounts mainly to judge its
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Answer: B. ability to repay
Explanation and discussion
Question 410· Nature and purpose of accounting· WAEC
Recording transactions in books of original entry is part of
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Answer: D. book-keeping
Explanation and discussion
Question 411· Nature and purpose of accounting· JAMB
The accounting profession in Nigeria is regulated by bodies such as
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Answer: C. ICAN and ANAN
Explanation and discussion
Question 412· Nature and purpose of accounting· WAEC
Which of these users of accounting information is an internal user?
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Answer: D. management
Explanation and discussion
Question 413· Nature and purpose of accounting· JAMB
The branch of accounting that provides information for planning and control within a firm is
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Answer: B. management accounting
Explanation and discussion
Question 414· Nature and purpose of accounting· WAEC
The accounting equation is
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Answer: A. Assets = Capital + Liabilities
Explanation and discussion
Question 415· Nature and purpose of accounting· JAMB
A business starts with cash of ₦200,000 and a bank loan of ₦50,000. Its capital is
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Answer: D. ₦150,000
Explanation and discussion
Question 416· Nature and purpose of accounting· JAMB
The total of the accounting equation does NOT change when
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Answer: D. a debtor pays cash
Explanation and discussion
Question 417· Nature and purpose of accounting· JAMB
Which of these is NOT a branch of accounting?
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Answer: D. marketing
Explanation and discussion
Question 418· Nature and purpose of accounting· WAEC
A business has assets of ₦850,000 and liabilities of ₦230,000. What is its capital?
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Answer: B. ₦620,000
Explanation and discussion
Question 419· Nature and purpose of accounting· WAEC
Which body regulates financial reporting standards in Nigeria?
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Answer: C. Financial Reporting Council of Nigeria
Explanation and discussion
Question 420· Nature and purpose of accounting· WAEC
Which of these users of accounts is interested mainly in whether a business can repay its loans?
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Answer: B. lenders
Explanation and discussion

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JAMB and WAEC Accounts (Principles of Accounts) questions

Which of these is a function of accounting?

The main purpose of accounting is to

The branch of accounting that provides information to managers for planning and control is

Government uses business accounts mainly to

An auditor's main duty is to

Cost accounting is concerned mainly with

Bookkeeping differs from accounting in that bookkeeping is mainly

The Financial Reporting Council of Nigeria is responsible for

A bank deciding whether to lend to a business relies on its accounts mainly to judge its

Recording transactions in books of original entry is part of

The accounting profession in Nigeria is regulated by bodies such as

Which of these users of accounting information is an internal user?

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

The accounting equation is

A business starts with cash of ₦200,000 and a bank loan of ₦50,000. Its capital is

The total of the accounting equation does NOT change when

Which of these is NOT a branch of accounting?

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

Which body regulates financial reporting standards in Nigeria?

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