Where there is no agreement made by the partners, the following provisions takes place except

No salary for partners acting in the business

No interest to be charged on drawings

Profit and loss are to be shared equally

The similarities between Receipts and payments and income and expenditure account is

Both accounts follows the principle of double entry

They are summaries of financial statements

Both are prepared by non-profit making concern

Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be

Increase in assets of motor vehicle account

Decrease in assets of motor vehicle account

Increase in assets of bank account

Increase in liabilities of bank account

A proprietor withdraws cash from the business for private use, he

credits cash account and debits drawing A/C

credits cash account and debits bank account

credits cash account and debits drawing A/C

debits cash account and credits drawings account

debits bank account and credits drawings account

One of the limitations of accounting is that

transactions are recorded in monetary terms

it ascertain financial position

transactions are recorded in monetary terms

it monitor the progress of the enterprise

A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is

Debit Rent account, Credit Samson's account

Debit rent account, Credit bank account

Debit Rent account, Credit Samson's account

Debit Bank account, Credit Rent account

Debit Samson's account, Credit Rent account

Accounts can be classified into

personal and impersonal account

JAMB UTME - Principles of Accounts - 2019

Question 1 Report

Accounting standards are issued at the International level by the

Standards Advisory Council

International Accounting Standards Board

Nigerian Accounting Standards Board

Standing Interpretations Committee

Answer Details

Accounting standards are issued at the international level by the International Accounting Standards Board (IASB). The IASB is an independent organization that sets accounting standards, known as International Financial Reporting Standards (IFRS), for companies to follow when preparing their financial statements. These standards help ensure that financial information is transparent and comparable across different companies and countries. The IASB operates under the oversight of the IFRS Foundation, which provides funding and governance. The Standards Advisory Council and Standing Interpretations Committee are both bodies that provide advice and guidance to the IASB, but they do not have the authority to issue accounting standards. In summary, the IASB is the organization responsible for setting international accounting standards, which are designed to promote transparency and comparability in financial reporting by companies around the world.

Read lesson note on Nature And Significance Of Accounting (JAMB)

	₦	₦
Sales Less: cost of goods sold		233,000 170,000
		63,000
less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses	16,800 15,000 6,200
Net profit		25,000

	₦		₦
Bal b/f	3650	Insurance	900
Subscription (99)	7500	Rate	11,700
(2000)	1000	Bal c/d	8,050
Fees	8500
	20,650		20,650

	1/199	31/12/99
Rates owing	3,600	2000
Insurance prepaid	50	1000
Subscription in arrears	700	600






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