453 questions · 10 years · 1994–2004
Full JAMB UTME past questions with correct answers. Practice with timed simulations, track your scores, and top the leaderboard.
The term ‘accounting period’ is used to refer to the
Assigning revenues to the accounting period in which goods were sold or services rendered and expenses in- curred is known as
The accounting convention which states that ‘profit must not be recognized until realized while all losses should be adequately provided for’ is termed
Accounting information is used by investors and credi- tors of a company to predict
Antics Electronics Company recently bought six genera- tors. Which of the following is the correct method of recording this transaction.
When a business incurs labours cost in installing a fixed asset, the cost is treated as
What is the cardinal rule of the double entry system?
Malam Gambo bought a freezer for his shop costing N 10,500. In recording, he debited office expenses account and credited the bank account. What book keeping error has he committed?
The use of the folio in the ledger is for
Account of Tanko Nig Ltd. Dr. Cr. N N 1/10 Bal. b/f 5,000 2/10 Cash 3,000 Sales 10,000 15/10 Bank 6,500 What is the closing balance of the account shown above?
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