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Wednesday, 17 June 2026
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Accounts - Principles of Accounts Past Questions and Answers

Post Utme Accounts - Principles of Accounts Questions

Question 211:
A pension granted to any past president or vice-president shall be charged to the
  • A Development fund
  • B Contingency fund
  • C Consolidated revenue fund
  • D Special pension fund
View Answer & Explanation
Question 212:
The art of collecting, recording, presenting and interpreting accounting data is
  • A Financial accounting
  • B Data processing
  • C Cost accounting
  • D Management accounting
View Answer & Explanation
Question 213:
A system where a separate cash book is maintained for small payments is
  • A Float
  • B Imprest
  • C Reimbursement
  • D Single entry
View Answer & Explanation
Question 214:
Departmental accounts are maintained to ascertain the
  • A Sales of each department.
  • B Profits of the entire organization
  • C Contribution of each department
  • D Expenses of each department
View Answer & Explanation
Question 215:
A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the
  • A Simple average method
  • B LIFO method
  • C FIFO method
  • D Weighted average method
View Answer & Explanation