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Wednesday, 08 April 2026
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Accounts - Principles of Accounts Past Questions and Answers

Accounts - Principles of Accounts Questions

Question 2466:
Cash receipts and payments involving discounts are entered in
  • A Three-column cash book
  • B Two-column cash book
  • C Analytical cash book
  • D Petty cash book
View Answer & Explanation
Question 2467:
The minimum number of persons required to form a partnership business is
  • A 2
  • B 3
  • C 5
  • D 10
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Question 2468:
Which of the following accounts has credit balance?
  • A Return inwards account
  • B Machinery account
  • C Sales account
  • D Cash account
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Question 2469:
The accounting principle that states that, In the preparation of account statements, revenues are recognized as soon as goods is passed on to the customer is the
  • A Materiality conccept
  • B Matching concept
  • C Constitiency concept
  • D Realization concept
View Answer & Explanation
Question 2470:
Agreement between partners is contained in the partnership
  • A Act
  • B Deeds
  • C Accord
  • D Deal
View Answer & Explanation