Post Utme Accounts - Principles of Accounts Questions
Question 141:
The term posting in accounting refers to
- A Recording entries in the journal
- B Tracing amounts from the journal to the ledger to find errors
- C Transferring entries to the ledger from the journal.
- D Transferring the balances in the ledger to the trial balance
Question 142:
Stock valuation is useful because it informs the sales department on the
- A Prices that will affect profitability
- B Number of goods to sell
- C Prices of the competing goods
- D Number of goods to produce
Question 143:
If salary account is debited instead of stationery account, the error committed is that of
- A Omission
- B Principle
- C Commission
- D Compensation
Question 144:
In preparing accounting records, the owners of a business and the business are treated as
- A Partners.
- B The same person
- C Separate legal entities
- D Having business relationship
Question 145:
The recording of wages due but not yet paid is an example of an adjustment for
- A Recognizing revenue unaccounted
- B Recognizing accrued expenses
- C Apportionment of revenue between two periods
- D Recognizing prepaid expenses.