Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 86:

A pension granted to any past presidentor vice-president shall be charged to the____

A. Consolidated revenue fund
B. Special pension fund
C. Contingency fund
D. Development fund

Question 87:

Public sector accounting is practiced in____.

A. Public limited companies
B. Government organizations
C. Profit making organizations
D. Public trading companies

Question 88:

The basis of accounting which eliminatesdebtors and creditors is ____

A. Cash basis
B. Accrual basis
C. Fund basis
D. Commitment basis

Question 89:

Which of the following is a source ofrevenue to a local government authority?

A. Poll tax
B. Excise duty
C. PAYE tax
D. Value added tax

Question 90:

Adama's bank account showed anoverdraft of ₦600 on 31st March. On goingthrough the account, it was discovered thatthe ₦1,080 paid into the account on 29thmarch had not been credited. What should bethe balance in Adama’ s cash accounts.

A. ₦1,680 Dr.
B. ₦1,080 Cr.
C. ₦600 Dr.
D. ₦480 Cr.