Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 21:

The document that is used to
acknowledge the acceptance of the return of goods by the seller from the buyer is known as ____

A. Credit note
B. Debit note
C. Invoice
D. Voucher

Question 22:

The effect of payment of a liability is that it ____

A. Increases both assets and liabilities
B. Increases assets and decreases liabilities
C. Decreases assets and increases liabilities
D. Decreases both assets and liabilities

Question 23:

The term posting in accounting refers to

A. Recording entries in the journal
B. Transferring the balances in the ledger to the trial balance
C. Tracing amounts from the journal to the ledger to find errors
D. Transferring entries to the ledger from the journal.

Question 24:

Which of the following is not a real
account?

A. Buildings account
B. Motor vehicle account
C. Patents account
D. Furniture account

Question 25:

Which of the following is the basic
accounting equation?

A. Assets = Capital + Liabilities
B. Capital = Assets + Liabilities
C. Liabilities = Assets + Capital
D. Assets = Liabilities – Equity