Post Utme Accounts - Principles of Accounts Questions
Question 16:
If salary account is debited instead of stationery account, the error committed is that of ___
- A Commission
- B Omission
- C Principle
- D Compensation
Question 17:
Ledger account is mainly classified into ________
- A Nominal, real and personal accounts
- B Fixed and current accounts
- C Management, financial and public sector accounting
- D Bank and cash accounts
Question 18:
One major advantage of a ledger is that it ____
- A Is a book of original entry
- B Is only accessible to shareholders during distribution
- C Removes the need for preparing a balance sheet after each transaction
- D Can be used by any type of business.
Question 19:
Return inwards is also known as ____
- A Purchases returns
- B Sales returns
- C Goods on sale or return.
- D Goods in transit
Question 20:
The account which refers to the tangible assets of a company that is of permanent nature is the ___
- A Personal account
- B Real account
- C Nominal account
- D Cash account