Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 116:

The test of arithmetical accuracy of all postings in the ledger is provided in the ____________

A. Journal
B. Day book
C. Cash book
D. Trial balance

Question 117:

Errors revealed by the irial balance include error of ____________

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

Question 118:

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 119:

Which of the following is not a current asset

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

Question 120:

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