Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 11:

A payment of cash of ₦20 to John was entered on the receipt side of the cash book in error and credited to John's account.
Which of the following journal entries can be used to correct the error?

A. John: ₦40 Dr, Cash: 40 Cr.
B. Cash: ₦40
C. John: ₦20 Dr, Cash: ₦20 Cr.
D. Cash: 20 Dr, John: ₦20 Cr.

Question 12:

A Sales Day Book is used for recording ___

A. Credit sales
B. Sales returns
C. Hire purchase
D. Cash sales

Question 13:

A trial balance is usually prepared by an accountant from account balances in the ledger for the purpose of

A. Classifying in the ledger.
B. Testing arithmetical accuracies of the ledger account balance
C. Identifying the balance sheet items
D. Providing a basis for establishing the
accountant's competence.

Question 14:

Bola, UTC's regular customer, owed
₦1000 on account of a radio bought. If he sent in a cheque for ₦500, UTC would send him a ____

A. Credit note
B. Debit note
C. Journal voucher
D. Way bill

Question 15:

Books of original entry are used for ____

A. Recording business transactions
B. The adjustment of accounts
C. Reminding the book keeper to-post
transactions in the ledger
D. Informing the bookkeeper about the state of affairs.