Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 16:

If salary account is debited instead of stationery account, the error committed is that of ___

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

Question 17:

Ledger account is mainly classified into

A. Nominal, real and personal accounts
B. Fixed and current accounts
C. Management, financial and public sector accounting
D. Bank and cash accounts

Question 18:

One major advantage of a ledger is that it ____

A. Is a book of original entry
B. Is only accessible to shareholders during distribution
C. Removes the need for preparing a balance sheet after each transaction
D. Can be used by any type of business.

Question 19:

Return inwards is also known as ____

A. Purchases returns
B. Sales returns
C. Goods on sale or return.
D. Goods in transit

Question 20:

The account which refers to the tangible assets of a company that is of permanent nature is the ___

A. Personal account
B. Real account
C. Nominal account
D. Cash account