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.
Profit
Capital
Loss
Cash
Correct answer is C
The difference between opening and closing capital will give either a profit or loss.
If the opening capital is greater than closing capital then loss and vice versa.
₦550
₦12,250
₦12,530
₦830
Correct answer is D
The creditors at end figure is used for the balance sheet.
₦11,970
₦11,000
₦1,250
₦12,053
Correct answer is A
12,250 + 550 - 830
13,080 - 830
₦11,970
Equipment Motor Vehicle Loan Creditors Sub in advance Sub in arrears |
₦ 10,000 15,000 4,500 3,000 150 3500 |
What is the accumulated fund?
₦14,150
₦20,850
₦21,850
₦14,200
Correct answer is B
Accumulated fund = Assets - liabilities
10,000 + 15,000 + 3500 - 4500 + 3000 + 150
28,500 - 7650
₦20,850
The similarities between Receipts and payments and income and expenditure account is
Both accounts follows the principle of double entry
They are summaries of financial statements
Both include capital items
Both are prepared by non-profit making concern
Correct answer is C
The receipts and payment accounts include both capital and revenue items while income and expenditure account include only revenue items.