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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 2526:
The primary classification of government expenditure is based on
  • A Programs
  • B Fund
  • C Activity
  • D Project
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Question 2527:
An example of input devices of a computer is
  • A An optical character reader
  • B A graph plotter
  • C A visual display unit
  • D A printer
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Question 2528:
The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is
  • A Business entity
  • B Materiality
  • C Dual aspect
  • D Realization
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Question 2529:
A company made a net profit of ₦2,000,000 for the year and its net profit percentage is 25%. What is the total sales for the year?
  • A ₦8,000000
  • B ₦6,00000
  • C 800,000
  • D ₦500,000
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Question 2530:
Which of the following information is recorded in the returns outwards book?
  • A Goods purchased on credit and susequently returned to suppliers
  • B Fixed asset bought on credit and subsequently returned to supplier
  • C Cash payment received from a customer and subsequently returned to supplier
  • D Goods sold to a customer and subsequently returned to the business
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