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.
Bonus
Goodwill
Premium
Commission
Correct answer is B
Goodwill is the excess of the purchase consideration over the total value of an entity
Partners salaries
Interest on capital
Interest on loans
Partners drawings
Correct answer is C
Is charged in the profit and loss account as finance expenses
Debit entry
Contra entry
Credit entry
Reversal entry
Correct answer is A
A contra entry is an entry which is recorded to reverse or offset an entry on the other side of an account
When cash is remitted from the branch
Dr Bank account
Cr Branch account
Or
Dr Remittance from bank
Cr Remittance from branch
Which of the following is not a type of branch?
Dependent branch
Foreign branch
Independent branch
Single branch
Correct answer is D
No explanation has been provided for this answer.
Why are adjustments in the profit and loss account necessary?
To cover some expenses of the following year
To show the provisions made during the year
To show the total expenses paid and income received during the year
To ascertain the actual expenses incurred and income earned during the year
Correct answer is D
Fundamental principle of preparing P&L account is that expenses and income relating to only the trading period are taken to the trading profit and loss account.