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.
The basis of accounting for public sector is
Accrual basis
Cost basis
Revenue basis
Cash basis
Correct answer is D
This is the basis for recording in government accounting where revenue are recorded when cash is received.
The following account are prepared when goods are sent to branch except
Branch stock
Goods set to branch account
Branch adjustment account
Branch debtors account
Correct answer is D
Branch debtors account is used to exercise control over branch debtors. It is maintained when the branch is allowed to sell goods on credit. This account records transactions with the branch debtors and is prepared like sundry debtors account.
Sales ledger control account contains the total amount in respect of
Creditors
Debtors
Investors
Shareholders
Correct answer is B
The sales ledger control account is used to monitor the amounts owed by customers to your business.
The sales ledger control account is also known as debtors control account and includes all entries of debtors as if only one existed.
Conversion
Control
Allocation
Analysis
Correct answer is B
No explanation has been provided for this answer.
Objects and their alteration
Location of business
Bank signatories
Powers of directors
Correct answer is C
The memorandum of association is the document that sets up the company and the articles of association set out how the company is run, governed and owned. The articles of association includes the responsibilities and powers of the directors and the means by which the members exert control over the board of directors.
The MOA of a company contains the object for which the company is formed. It identifies the scope of its operations and determines the boundaries it cannot cross.