Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 111:

The objective of a trading account is to establish the ___________

A. Cost of goods sold
B. Gross profit
C. Manufacturing profit
D. Net profit

Question 112:

Which of the following is not a form of business asset?

A. Deposit account in bank
B. Interest due on loan
C. Five acres of land
D. Library books owned by a lawyer

Question 113:

The primary or initial documents used to record or capture business transactions immediately they take place is known as ____________

A. Debit and credit documents
B. Receipt
C. Source documents
D. Invoice

Question 114:

The diary of events in which all financial transactions are recorded for easy reference and to assist in the double 1 entry system is ____________

A. Ledger
B. Journal
C. Purchases and sales day books
D. Debit and credit documents

Question 115:

Which of the following is not ____________

A. A book of original entry
B. Purchase journal
C. Sales journal
D. Ledger