Post Utme Accounts - Principles of Accounts Questions
Question 21:
The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as ____
- A Credit note
- B Debit note
- C Invoice
- D Voucher
Question 22:
The effect of payment of a liability is that it ____
- A Increases both assets and liabilities
- B Increases assets and decreases liabilities
- C Decreases assets and increases liabilities
- D Decreases both assets and liabilities
Question 23:
The term posting in accounting refers to _____
- A Recording entries in the journal
- B Transferring the balances in the ledger to the trial balance
- C Tracing amounts from the journal to the ledger to find errors
- D Transferring entries to the ledger from the journal.
Question 24:
Which of the following is not a real account?
- A Buildings account
- B Motor vehicle account
- C Patents account
- D Furniture account
Question 25:
Which of the following is the basic accounting equation?
- A Assets = Capital + Liabilities
- B Capital = Assets + Liabilities
- C Liabilities = Assets + Capital
- D Assets = Liabilities - Equity