Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 26:

Which of the following is not a revenue account?

A. Sales
B. Purchases
C. Discount received
D. Interest received

Question 27:

A system where a separate cash book is maintained for small payments is

A. Single entry
B. Imprest
C. Float
D. Reimbursement

Question 28:

An analytical cash book is used to ____

A. Indicate sources of cash received
B. Categorise petty cash payment
C. Separate cash and bank balance
D. Analyse amounts due from debtors

Question 29:

The sum of money given to a petty
cashier out of which small payments are made is called ___

A. Bonus
B. Loan
C. Advance
D. Float

Question 30:

A rent of ₦250,000 was paid by John to his landlord by cheque. The double entry in John’s books is ____

A. Debit Rent account, credit Bank account
B. Debit Rent account, credit John’s account
C. Debit Bank account, credit Rent account
D. Debit John’s account, credit Rent account