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.
Dr Rent A/c; Dr Bank A/c
Dr Bank A/c; Cr Rent A/c
Dr Rent A/c; Cr Bank A/c
Dr Rent A/c; Cr Mr. Roi
Correct answer is C
In the double-entry principle, we debit income and credit expenses.
The rent account will be debited with the sum of #50,000 in regards to the landlord (because money has been paid in as rent, e.i income), while the bank column will be credited with N50,000 (money has gone out of Mr. Rio bank account via the cheque that was issued to the landlord)
Transactions are recorded or posted to the ledger in line with
Accounting Concept
Source document
Double Entry Principle
Data collection
Correct answer is C
The main principle of double-entry system is that for every debit there is a corresponding credit for an equal amount of money and for every credit there is a corresponding debit for an equal amount of money; i.e. for every transaction one account is debited for, the amount of transaction and the other account is also credited.
N210,000
N844,400
N840,000
N500,000
Correct answer is B
1/20 * 844400 = 4220
The fixed amount of money given to a petty cashier at the beginning of a period is called?
Impurest
Float
Cash advance
Cash
Correct answer is A
The word 'impurest' means 'advance amount' given to certain person to make petty payments. It is a system of petty cash book where a person (petty cashier) is given a fixed amount in the beginning of the month or week.
The basic role of accounting is to?
Detect fraud
Attest to financial statements
Measure performance
Protect shareholders
Correct answer is C
The role of accounting in business is to help internal and external stakeholders make better business decisions by providing them with financial information. This means that., the purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it.