If you are preparing for an accounting aptitude test or even a job interview, these accounting questions and answers will help you master the principles of accounting. This test covers accounting past questions from WAEC, JAMB, Post UTME exams and many more.
When the letter "C" is written in front of an entry in the folio column of a cash book, it shows a
Double entry
Cash entry
Contra entry
Journal entry
Correct answer is C
No explanation has been provided for this answer.
A quality of accounting information is that it should be
Profitable
Verifiable
Appreciable
Depreciable
Correct answer is B
No explanation has been provided for this answer.
330
420
230
320
Correct answer is C
Feb1 : bought (200 × 2) = 400
feb 3 : bought (100 × 1) = 100 500
Feb 4 : issued (120× 2) = (240)
260
Feb 5: bought (50 x 3 = 150 410
Feb 5: issued (80 x 2) = (160)
'' '' '' (20x 1) = (20)
230
The value of the closing stock is ₦230
In the preparation of account, the owners of the business and the business concerned are treated as
Partners
Joint venture
The same person
Separate legal entities
Correct answer is D
The business entity concept state that business is treated as a separate entity from parties having proprietary or economic interest in it.
₦165,000
₦635,000
₦600,000
₦156,000
Correct answer is A
P = 400,000 - 250,000 + 15,000
P = ₦165,000
NOTE: Drawings are amounts or items given to the owner of a business for personal use. Till recovered, it is an asset. Drawings are not considered a business expense, therefore it is always added on the asset side of the balance sheet.