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.
|
Drawings: |
₦ |
| Dairo | 12000 |
| Segun | 18000 |
| Capital | |
| Dairo | 120000 |
| Segun | 60000 |
- Interest on drawings 10%
- Interest on capital 5%
- Profit for the year ₦36,000
- Salary: Segun ₦10,000
The interest on Dairo's drawings is
₦1,600
₦1,200
₦1,400
₦1,800
Correct answer is B
The interest on Dairo's drawings is calculated by multiplying the amount of his drawings (₦12,000) by the interest rate on drawings (10%). This gives us ₦1,200.
Which of the following is recorded in the folio column of the journal?
Particulars of transactions
Date of entries
All credit and cash sales transactions
Amount of money posted
Correct answer is A
The folio shows the page of a ledger to which a transactions is posted. It also helps in identifying where the transaction is recorded in ledger.
Use the following information to answer the question
| Le | |
|
Capital (01/01/2020) |
1,934,600 |
| Capital (31/12/2020) |
2,530,000 |
| Expenses | 3 45,900 |
| Drawings for 2020 |
72,500 |
|
Additional capital for 2020 |
250,000 |
The gross profit for the year is
Le 763,800
Le 595,400
Le 417,900
Le 167,900
Correct answer is C
No explanation has been provided for this answer.
Which of the following items is a tangible asset?
Copyright
Machinery
Goodwill
Lease
Correct answer is B
Tangible assets are assets that can be seen or touched such as land, machinery, equipment etc.
Bello withdraws cash from bank to office, this is called ---------- entry
Credit
Contra
Double
Debit
Correct answer is B
Contra entry is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, it will be recorded on the credit side and vice-versa.