Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 6:

The art of collecting, recording, presenting and interpreting accounting data is ___

A. Cost accounting
B. Management accounting
C. Financial accounting
D. Data processing

Question 7:

The assumption that a business has
perpetual existence is recognized by ___

A. Entity concept
B. Periodicity concept
C. Going concern concept
D. Realization concept

Question 8:

The most important reason for studying accounting is that

A. The information provided by accounting is useful in making decisions
B. Accounting plays an important role in a society
C. The study of accounting leads to a
challenging career
D. Accounting provides gross profit
Information.

Question 9:

Which of the following accounting
conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

A. Conservatism
B. Historical
C. Monetary
D. Cost

Question 10:

Which of the following concepts is
expected to hold when a proprietor makes a drawing of goods or cash from the business?

A. Business entity
B. Realization
C. Going concern
D. Dual-aspect