One of the objective of maintaining the account of a branch at the head office is to

to access the performance of the branches

check the excesses of customers

record charges in shareholdings

Majority of commercial transactions are termed credit transactions, which means

Settlement is deferred to a future date

The buyers pay immediately for goods bought

Settlement is deferred to a future date

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 Correct answer

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

		N
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

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






Press & Hold to Drag Around
Click Here to Close