Post Utme Accounts - Principles of Accounts Questions
Question 111:
The objective of a trading account is to establish the ___________
- A Cost of goods sold
- B Gross profit
- C Manufacturing profit
- D Net profit
Question 112:
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 113:
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 114:
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 115:
Which of the following is not ____________
- A A book of original entry
- B Purchase journal
- C Sales journal
- D Ledger