## JAMB 2004 : Accounts-Principles of Accounts

1The accounting principle that is applied to check arbitrary actions on the part of accountants is

• A. consistency
• B. materiality
• C. objectivity
• D. realization

2The loss of equipment in a fire disaster results in

• A. a decrease in current assets
• B. an increase in liabiities and assets
• C. a decrease in assets and capital
• D. an increase in liabilities and a decrease in assets

3A source document is used for verifying the

• A. amount due to creditors
• B. actual cost of an asset
• C. selling price of goods
• D. amount due from debtors

4The rule of accounting equation requires that account payable should be placed under

• A. liabilities
• B. equities
• C. assets
• D. capital

5A debit in the suspense accounting will appear in the balance sheet as

• A. a current asset
• B. a current lability
• C. capital
• D. drawings

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