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Accounts - Principles of Accounts Past Questions

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3391

The process of recording the financial transactions of government is

  • A. cost accounting
  • B. management accounting
  • C. public sector accounting
  • D. financial accounting
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3392

A business should not lay claim to any profit before it is earned. This is in accordance with the

  • A. prudence concept
  • B. going concern concept
  • C. consistency concept
  • D. dual aspect concept
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3393

Which of the following errors affects the agreement of a Trial Balance?

  • A. Posting the Purchase of a van to the debit side of the purchases account
  • B. Failure to enter sales in the books
  • C. Wrong addition in the sales account
  • D. Crediting a purchase to A. Tambi's account instead of F. Tambi's account
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3394

Which of the following is an advantage of the imprest system?

  • A. making high profits in the business
  • B. Rewarding the imprest holder
  • C. Meeting small items of expenditure
  • D. Easy preparation of the final accounts
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3395

The document which sets out the internal arrangement for the proper management of a company is the

  • A. memorandum of association
  • B. prospectus
  • C. certificate of incorporation
  • D. article of association
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