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.
Uncredited cheque
Credit transfer
Dividend
Unprecedented cheque
Correct answer is A
When starting with balanace as per cash book, unpresented cheques, dividend, credit transfers are added while uncredited cheques, bank charges, dishonoured cheuqes, standing order are substracted.
Original entry
Contract entry
Prime entry
Contra entry
Correct answer is D
Contra entry shows that cash has been withdrawn from the office and deposited in the bank or withdrawals of cash from bank for office use. Contra entries affect both cash and bank accounts.
Which of the following has the ultimate control of a company?
Board of directors
Employees
Shareholders
Management
Correct answer is C
The ultimate controller, refers to the shareholder who has the ultimate control in the company and is not controlled by anyone. This ownership structure often results in a certain level of control between the ultimate controller and the listed company.
The main purpose of transaction file is
To record assets and liabilities
To update income and expenses
To make organization decision
To update master files
Correct answer is D
A transaction file is used to hold data during transaction processing. The file is later used to update the master file and audit daily, weekly or monthly transactions.
Factory overheads are also known as
direct manufacturing
direct expenses
indirect cost
direct labour
Correct answer is C
Factory overhead are costs necessary for production which are not directly traceable to a specific quantity of physical units e,g factory rent, depreciation, fuel, indirect wages etc.