The need for changes in accounting theory in Nigeria was influenced by the
Dynamics of commercialization and privatization policies
Growth in size of business units
Introduction of the structural adjustment programme
Inconvertibility of the nation's currency
Correct answer is B
No explanation has been provided for this answer.
The basic role of accounting is to
Detect fraud
Attest to finacial statements
Measure performance
Protect shareholders
Correct answer is B
No explanation has been provided for this answer.
Accrual concept stipulates that
Revenue should be recognized when it is earned
Costs should be recognized when the expenditure is paid
Revenue should be recognized only when cash is paid
Costs should be recognized when the are incurred
Correct answer is A
No explanation has been provided for this answer.
The general fund
Agency fund
Special fund
General long-term fund
Correct answer is B
No explanation has been provided for this answer.
Surrendered to the consolidated revenue fund
Carried forward to the next financial year
Reserved to meet any deficits or contingencies
Returned to the taxpayer
Correct answer is A
No explanation has been provided for this answer.