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 these is the main source document for recording cash paid into bank?
Invoice
Credit note
Cheque book
Pay-in-slip
Correct answer is D
A pay-in-slip is a bank deposit that is used to deposit money into a bank account. It includes information such as date, account number, amount to be paid etc.
The accounting system in which only one aspect of transaction is recorded is
Single entry
Single column cash book
Original entry
Double entry
Correct answer is A
No explanation has been provided for this answer.
One of the options below is not the source of income for non - profit organization
Ordinary shares
Donations
Subscription/dues
Entrance fees
Correct answer is C
Subscription is the contribution made by the members to the club or society at regular intervals. It can be paid by members in advance or in arrears.
The accounting system in which only one aspect of transaction is recorded is
Single entry
Single column cash book
Original entry
Double entry
Correct answer is A
No explanation has been provided for this answer.
Accounting entry for dissolution expenses is
Dr : Partnership account ;Cr: Realization account
Dr: Revaluation account; Cr: Partnership account
Dr: Realization account; Cr: Cash account
Dr: Partners current account; Cr: Realization account
Correct answer is C
When dissolution expenses are paid, the Realization account is debited because it represents the expenses related to the dissolution of the partnership. The Cash account is credited because cash is going out of the business to pay for these expenses. Hence, the correct accounting entry is 'Dr: Realization account; Cr: Cash account'.