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.
When stock is withdrawn for personal use, the accounting entries is to debit
Stock account credit drawings
Drawing account, credit stock account
Personal account credit cash account
Cash account, credit personal account
Correct answer is B
Journal Entry will be to debit drawings & credit related stocks or Sales account on cost basis for having used goods for personal use by the owner.
Whenever the proprietor withdraws any sort of cash,goods or asset for his or her personal, private or domestic it is considered as drawings.
Purchases can be ascertained through the preparation of a
Stock account
Sales account
Total debtors control account
Total creditors control account
Correct answer is A
No explanation has been provided for this answer.
N300
N400
N600
N200
Correct answer is A
No explanation has been provided for this answer.
I, III, IV
I, II, III
I, II, IV
I and IV
Correct answer is B
Nonprofits can and do use the following sources of income to help them fulfill their missions:
The trader's capital in a single entry system is ascertained by preparing
Gross profit
Statement of affairs
Suspense account
Appropriation account
Correct answer is B
A Statement of Affairs is a document detailing a company's assets and liabilities. Generally prepared by a liquidator or appointed professional during certain insolvency proceedings, the document is later registered at Companies House, where it becomes available for public view.