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.
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.
Use the following information to answer the question
Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.
The total interest on drawings to be charged to profit and loss appropriation account is
GH⊄ 1,120
GH⊄ 1,920
GH⊄ 700
GH⊄ 800
Correct answer is B
To calculate the interest on Ant's withdrawal:
Interest on Ant's Drawings = Ant's Withdrawal x Interest Rate
Interest on Ant's Drawings = GH⊄ 14,000 x 8% = GH⊄ 1,120
To calculate the interest on Bee's withdrawal:
Interest on Bee's Drawings = Bee's Withdrawal x Interest Rate
Interest on Bee's Drawings = GH⊄ 10,000 x 8% = GH⊄ 800
Total Interest on Drawings = Interest on Ant's Drawings + Interest on Bee's Drawings
Total Interest on Drawings = GH⊄ 1,120 + GH⊄ 800 = GH⊄ 1,920