Post Utme Obafemi Awolowo University Accounts - Principles of Accounts Past Questions and Answers

Question 6:

Errors revealed by the irial balance include error of ____________

A. Principle
B. Single
C. Omission
D. Commission

Question 7:

Accounting equation is given by ____________

A. Assets - Liabilities + Owners' Equity
B. Assets = Liabilities - Owners equity
C. Assets + Owners equity = Liabilities
D. Assets = Liabilities + Owners' equity

Question 8:

Which of the following is not a current asset

A. Stock
B. Debtors
C. Creditors
D. Crash

Question 9:

Final accounts of a company refers to ____________

A. Trading and profit and loss account
B. Profit and loss account and balance sheet
C. Trading account and balance sheet
D. Trading. profit and loss account and balance sheet

Question 10:

A cheque which has been sent but has not yet gone through the bank account of the receiver of it is known as ____________

A. Dishonoured cheque
B. Unrepresented cheque
C. Uncredited cheque
D. Unhonoured cheque