Post Utme Accounts - Principles of Accounts Questions
Question 161:
One of the major features of bookkeeping is that it
- A Is futuristic in nature
- B Provides permanent records for all financial transactions
- C Does not give room for double entry procedure
- D Accepts responsibility for all wrong posting
Question 162:
Which of the following concepts is expected to hold when a proprietor makes a drawing of goods or cash from the business?
- A Business entity
- B Dual-aspect
- C Realization
- D Going concern
Question 164:
One major advantage of a ledger is that it
- A Can be used by any type of business.
- B Is only accessible to shareholders during distribution
- C Is a book of original entry
- D Removes the need for preparing a balance sheet after each transaction
Question 165:
A trial balance is usually prepared by an accountant from account balances in the ledger for the purpose of
- A Providing a basis for establishing accountant's competence.
- B Classifying entries in the ledger
- C Identifying the balance sheet items
- D Testing arithmetical accuracies of the ledger account balance