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.
Which of the following is a credit item in creditors ledger control account?
Returns outwards
Discount Received
Bad debts
Purchases
Correct answer is D
Some of the items found on the credit side of the creditors ledger control account include, bank, carriage, credit purchases etc
The total cash and cheques received from customers in a control account is derived from the
Income and expenditure account
Cashbook
Purchases day book
Sales journal
Correct answer is C
No explanation has been provided for this answer.
N36,902
N27,502
N12,498
N43,098
Correct answer is A
Opening balance = 12,202 + cash recieved = 40,000 = 52,202
less closing balance
= 52,202 - 15,300 = 36902 (Amount spent during the period)
Impersonal account is subdivided into
Real and nominal accounts
Nominal and personal accounts
Real and current accounts
Personal and real accounts
Correct answer is A
IMPERSONAL ACCOUNTS represents accounts other than Personal Accounts. This may be sub-classified into:
a. Real Accounts, e.g. Asset Account; and,
b. Nominal Accounts, e.g. Income and Expenditure Accounts.
The costs of acquiring fixed assets and bringing them into the firm is a
General expenses
Recurrent expenditure
Revenue expenditure
Capital expenditure
Correct answer is D
Capital expenditure; money spent by a business or organization on acquiring or maintaining fixed assets, such as land, buildings, and equipment.