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

Question 11:

Which of the following does not appear in a bank statement ____________

A. Uncredited cheque
B. Bank charges
C. Dishonoured cheques
D. Dividend received on behalf of customer

Question 12:

Where a correct amount is entered, but in the wrong person"s account. is an error of ____________

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

Question 13:

A credit balance of \(N350.000\) in a cash account shows that ____________

A. \(N 350.000\) was the total cash received
B. N\(350.000\) was the total cash paid out
C. Cash at hand equals \(\mathrm{N} 350.000\)
D. \(N 350.000\) was the cash overspent

Question 14:

Prime cost is ____________

A. Direct cost of production
B. Cost of raw materials consumed
C. Cost of raw materials purchased
D. Indirect cost of production

Question 15:

Which of the following is not a capital reserve?

A. Share premium
B. Revaluation reserve
C. Sinking fund redemption reserve
D. Retained profit