Post Utme Accounts - Principles of Accounts Questions
Question 1:
A financial analyst needs accounts information to ___
- A Maintain the production section of the business
- B Know why transactions cause increases and decreases in asset
- C Advice on how to manage the business
- D Know how to record transactions in account.
Question 2:
Creditors use accounting information for the purpose of ____
- A Planning sales to a company
- B Controlling a company's affairs
- C Investing in a company
- D Assessing a company's liquidity.
Question 3:
In preparing accounting records, the<br/>owners of a business and the business are treated as _____
- A The same person
- B Having business relationship
- C Separate legal entities
- D Partners.
Question 4:
One of the major features of bookkeeping is that it _____
- A Provides permanent records for all financial transactions
- B Is futuristic in nature
- C Accepts responsibility for all wrong posting
- D Does not give room for double entry procedure
Question 5:
The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized as ____ concept.
- A Realization
- B Entity
- C Going concern
- D Duality