Question 1· Nature and purpose of accounting· WAEC
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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.
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
- Explanation and discussion
Question 2· Nature and purpose of accounting· WAEC
The person who checks the accounts of a company and reports whether they show a true and fair view is the
Explanation and discussionQuestion 3· Nature and purpose of accounting· WAEC
Book-keeping is the
Explanation and discussionQuestion 4· Nature and purpose of accounting· JAMB
A business has assets of ₦850,000 and liabilities of ₦320,000. Its capital is
Explanation and discussionQuestion 5· 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 discussionQuestion 6· 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 discussionQuestion 7· Nature and purpose of accounting· JAMB
Accounting is best described as the process of
Explanation and discussionQuestion 8· Nature and purpose of accounting· JAMB
The main objective of financial accounting is to
Explanation and discussionQuestion 9· Nature and purpose of accounting· JAMB
Which of these is a function of accounting?
Explanation and discussionQuestion 10· Nature and purpose of accounting· WAEC
The main purpose of accounting is to
Explanation and discussionQuestion 11· Nature and purpose of accounting· WAEC
The branch of accounting that provides information to managers for planning and control is
Explanation and discussionQuestion 12· Nature and purpose of accounting· WAEC
Government uses business accounts mainly to
Explanation and discussionQuestion 13· Nature and purpose of accounting· WAEC
An auditor's main duty is to
Explanation and discussionQuestion 14· Nature and purpose of accounting· JAMB
Cost accounting is concerned mainly with
Explanation and discussionQuestion 15· Nature and purpose of accounting· WAEC
Bookkeeping differs from accounting in that bookkeeping is mainly
Explanation and discussionQuestion 16· Nature and purpose of accounting· JAMB
The Financial Reporting Council of Nigeria is responsible for
Explanation and discussionQuestion 17· 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 discussionQuestion 18· Nature and purpose of accounting· WAEC
Recording transactions in books of original entry is part of
Explanation and discussionQuestion 19· Nature and purpose of accounting· JAMB
The accounting profession in Nigeria is regulated by bodies such as
Explanation and discussionQuestion 20· Nature and purpose of accounting· WAEC
Which of these users of accounting information is an internal user?
Explanation and discussion
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