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 accounts belongs to the private ledger?
Drawing accounts
Premises account
Machinery account
Depreciation account
V. Okafor's account
Correct answer is A
Private Ledger – Private ledger consists of accounts that are confidential in nature such as capital, drawings, salaries, etc. These accounts are only accessible by selected individuals.
Examples – Salaries, Drawings, Sales, Purchases, Returns Inward/Outward, Rent, Stationery, Insurance, etc.
Since drawings are used by the businessman for personal purposes it is a personal account.
Which of the following accounts belongs to the personal ledger?
Purchases account
Capital account
Machinery account
Depreciation account
Rent and rentals
Correct answer is D
No explanation has been provided for this answer.
Bank charges and commission
Cheques issued, presented and cashed
Bank lodgements
Payments made by the bank on a tanding order
Opening bank overdraft
Correct answer is C
No explanation has been provided for this answer.
A debit balance only
A credit balance only
Both debit and credit balances
A debit or nil balance
A nill balance only
Correct answer is A
No explanation has been provided for this answer.
The sales account is written up from
Cash sales to customers only
Credit sales to customers only
Credit sales less cash sales
Cash sales less cash discounts
Both credit and cash sales
Correct answer is E
No explanation has been provided for this answer.