UI Financial Accounting 2014/2015 Past Questions

A financial analyst needs accounts information to

Creditors use accounting information for the purpose of

In preparing accounting records, the owners of a business and the business are treated as

One of the major features of bookkeeping is that it

The accounting principle which states that for every debit entry, there in a corresponding credit entry is recognized as concept

The art of collecting, recording, presenting and interpreting accounting data is

The assumption that a business has perpetual existence is recognized by

The most important reason for studying accounting is that

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

Which of the following concepts is expected to hold when a proprietor makes a drawing of goods or cash from the business?

A payment of cash of N20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entries can be used to correct the error?

A Sales Day Book is used for recording

A trial balance is usually prepared by an accountant from account balances in the ledger for the purpose of

Bola, UTC's regular customer, owed N1000 on account of a radio bought. If he sent in a cheque for N500, UTC would send him a

Books of original entry are used for

If salary account is debited instead of stationery account, the error committed is that of

Ledger account is mainly classified into

One major advantage of a ledger is that it

Return inwards is also known as

The account which refers to the tangible assets of a company that is of permanent nature is the

The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as

The effect of payment of a liability is that it

The term posting in accounting refers to

Which of the following is not a real account?

Which of the following is not a revenue account?