Accounts - Principles of Accounts Past Questions and Answers

One of the the differences between bookkeeping and accounting is that the former

A Records data while the latter interprets
B Is regarded as the language of the business while the latter ascertains its strenght
C Interprets data while the latter records it
D Summarises information while the latter communicates it

Question 2:

One of the the differences between bookkeeping and accounting is that the former

A Records data while the latter interprets
B Is regarded as the language of the business while the latter ascertains its strenght
C Interprets data while the latter records it
D Summarises information while the latter communicates it

Question 3:

The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is

A Matching
B Consistency
C Realization
D Going concern

Question 4:

A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit

A Cash account
B Bank account
C Suspense account
D Purchases account

Question 5:

Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the

A Sales day book
B Purchases day book
C Sales subsidiary book
D Cash book