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

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

All JAMB WAEC

Question 1· Accounting concepts and conventions· WAEC
A firm that changes its stock valuation method every year breaks the
Explanation and discussion
Question 2· Accounting concepts and conventions· JAMB
The dual aspect concept means that
Explanation and discussion
Question 3· Accounting concepts and conventions· JAMB
Preparing accounts for regular intervals such as a year follows the
Explanation and discussion
Question 4· Accounting concepts and conventions· WAEC
The assumption that a business will continue operating in the foreseeable future is the
Explanation and discussion
Question 5· Accounting concepts and conventions· WAEC
Recording a stapler as an expense rather than an asset applies the concept of
Explanation and discussion
Question 6· Accounting concepts and conventions· WAEC
The concept that a business is assumed to continue operating in the foreseeable future is
Explanation and discussion
Question 7· Accounting concepts and conventions· WAEC
The prudence (conservatism) concept requires that
Explanation and discussion
Question 8· Accounting concepts and conventions· WAEC
The concept that every transaction has two effects is the
Explanation and discussion
Question 9· 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 10· Accounting concepts and conventions· WAEC
The concept that assumes a business will continue operating for the foreseeable future is
Explanation and discussion
Question 11· Accounting concepts and conventions· WAEC
The matching (accruals) concept requires that
Explanation and discussion
Question 12· Accounting concepts and conventions· WAEC
The concept that every transaction has two equal and opposite effects is the
Explanation and discussion
Question 13· 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 14· Accounting concepts and conventions· JAMB
Matching expenses with the revenue they help to earn in the same period is the
Explanation and discussion
Question 15· 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 16· Accounting concepts and conventions· JAMB
Only transactions that can be expressed in money are recorded, according to the
Explanation and discussion
Question 17· Accounting concepts and conventions· JAMB
The prudence concept requires that
Explanation and discussion
Question 18· Accounting concepts and conventions· WAEC
Using the same depreciation method from year to year follows the
Explanation and discussion
Question 19· Accounting concepts and conventions· JAMB
Valuing closing inventory at the lower of cost and net realisable value follows the
Explanation and discussion
Question 20· Accounting concepts and conventions· WAEC
Recording assets at the price paid for them follows the
Explanation and discussion

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

A firm that changes its stock valuation method every year breaks the

The dual aspect concept means that

Preparing accounts for regular intervals such as a year follows the

The assumption that a business will continue operating in the foreseeable future is the

Recording a stapler as an expense rather than an asset applies the concept of

The concept that a business is assumed to continue operating in the foreseeable future is

The prudence (conservatism) concept requires that

The concept that every transaction has two effects is the

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

The concept that assumes a business will continue operating for the foreseeable future is

The matching (accruals) concept requires that

The concept that every transaction has two equal and opposite effects is 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

Using the same depreciation method from year to year follows the

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

Recording assets at the price paid for them follows the