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

Question 1:

Which of the following is not a form of business asset?

A. Deposit account in bank
B. Interest due on loan
C. Five acres of land
D. Library books owned by a lawyer

Question 2:

The primary or initial documents used to record or capture business transactions immediately they take place is known as ____________

A. Debit and credit documents
B. Receipt
C. Source documents
D. Invoice

Question 3:

The diary of events in which all financial transactions are recorded for easy reference and to assist in the double 1 entry system is ____________

A. Ledger
B. Journal
C. Purchases and sales day books
D. Debit and credit documents

Question 4:

Which of the following is not ____________

A. A book of original entry
B. Purchase journal
C. Sales journal
D. Ledger

Question 5:

The test of arithmetical accuracy of all postings in the ledger is provided in the ____________

A. Journal
B. Day book
C. Cash book
D. Trial balance