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.
The accounting entries used to record a cheque issued by a business is to?
Debit cash book and credit drawer
Credit cash book and debit drawer
Debit cash book and credit suspense account
Credit cash book and debit suspense account
Correct answer is A
In posting accounting entries, always bear in mind the basic accounting principle of ''for every debit entry, there must be a corresponding credit entry''. In the above question, a business paid out money to its creditor (someone owed by the business) through a check, this means that, the business cash/bank accounts will be debited (take money from) while the drawer (creditor whom is owed by the business) will be credited.
N8,800
N6,500
N5,200
N4,400
Correct answer is C
35000 - 9000 = 26000
26000 * 1/5 = 5200
Commercial
Manufacturing
Service
Extractive
Correct answer is A
Commercial farming occurs when a farm is set up for the sole purpose of producing crops and farm animals for sale, with the sole intention of making a profit. Commercial farms are often larger than regular family farms because economies of scale are richly sought after due to the immense competition involved.
N4,000
N7,000
N11,000
N24,000
Correct answer is A
No explanation has been provided for this answer.
The total credit sales for a period can be extracted from the?
Cash book
Sales day book
Petty cash book
Returns inwards
Correct answer is B
The sales day book, also known as the sales book, is a ledger covering, in detail, all credit sales transactions during the day. These sales are then added together and recorded in the sales ledger for that day.