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 goods are sold for cash the credit entry goes to the
Trader's account
Cash book
Purchases account
Sales account
Customer’s account
Correct answer is D
No explanation has been provided for this answer.
Capital
Loan
Reserve
Drawings
Profit
Correct answer is A
No explanation has been provided for this answer.
The bank column in the cash book shows a credit balance of N180. This means
A total payment of N180
A gross receipt of N180
A left over of N180 in the bank
An overdraft of N180
A left over of N180 cash
Correct answer is D
No explanation has been provided for this answer.
N6,400 profit
N6,000 loss
N4,000 loss
N400 profit
N400 loss
Correct answer is E
No explanation has been provided for this answer.
The straight-line depreciation is
A fixed sum set aside for the replacement of the asset
A fixed percentage of the balance of the asset at the end of the year
An estimated amount each year
An increase in the value of the asset
A fixed percentage of the cost of the asset written off each year
Correct answer is E
No explanation has been provided for this answer.