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.
Financial accounting
Accounting policies
Cost accounting
Accounting conventions
Correct answer is B
No explanation has been provided for this answer.
Goods stolen at the branch is debited to
Branch stock account
Defalcations account
Branch debtors account
Branch adjustment account
Correct answer is D
No explanation has been provided for this answer.
The income and expenditure account of a club is the same as
Single entry account
A profit and loss account
A trading account
A cash book
Correct answer is B
This is because the income and expenditure account just like the profit and loss account shows the income to ascertain surplus or deficit.
Purchase of business account and credit cash account
Goodwill account and credit purchase of business account
Cash account and credit goodwill account
Goodwill account and credit cash account
Correct answer is B
when there is excess of purchase consideration over net assets, the accounting entries is to debit goodwill account as the receiving account and credit purchase of business account as the giving account.
Which of the following is shown in the profit and loss appropriation account of a company?
Interest charges
Depreciation
Directors employments
Dividends
Correct answer is D
In general accounting, appropriation accounts are mainly prepared by partnerships and limited liability companies (LLCs). They are an extension of theprofit and loss statement, showing how the profits of a firm are allocated to shareholders or to increase reserves indicated in the balance sheet. it usually contains dividends, retained earnings, goodwill etc