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.
I, II and IV
II, III and IV
III and IV
I, II and III
Correct answer is B
The receipts and payment account is one of the account of a non-profit oriented organization that performs the same functions as cash account in a profit oriented organization all forms of payment since cash is involved will be recorded and also performs the same functions as the cashbook does for profit oriented organization
Which of these is the main source document for recording cash paid into bank?
Invoice
Cheque book
Credit note
Pay-in-slip
Correct answer is D
Pay-in-slip:this is in form of a slip designed with the name of the bank on top that has dates amounts in figure and word, column for the denomination of money paid in signature bank teller, stamp to prove the money is deposited into the bank
Unpresented cheque
Dividend
Uncredited cheque
credit transfer
Correct answer is C
Uncredited cheque have to be less when starting with balance as per cashbook not add because the cheque are yet to be credited by the bank
Salaries in arrears is treated in the balance sheet as a
Current asset
Current liability
Fixed asset
Long term liability
Correct answer is B
Current Liability: salaries in arrears fall into the category of them under the current liability because it is benefit due to outsiders but still enjoying by the organisation and can't exceed a year
One of the options below is not the source of income for non- profit organization
Entrance fees
Subscription/dues
Ordinary shares
Donations
Correct answer is C
Ordinary shares: This type of source of income is only used in profit oriented organization to generate fund the pubic so as to enable the organization make more profit at the end of a specified period