JAMB Accounting Past Questions & Answers - Page 186

926.

A financial analyst needs accounting information to?

A.

Maintain the production section of the business

B.

Know why transactions cause increase and decreases in assets

C.

Advise on how to manage the business

D.

Know how to record transaction in T account

Correct answer is C

No explanation has been provided for this answer.

927.

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?

A.

Conservatism

B.

Historical

C.

Monetary

D.

Cost

Correct answer is A

No explanation has been provided for this answer.

928.

One of the major features of bookkeeping is that it?

A.

Provides permanent records for all financial transactions

B.

Is futuristic in nature

C.

Accepts responsibility for all wrong postings

D.

Does not give room for double entry procedures

Correct answer is A

No explanation has been provided for this answer.