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.
A delivery van was bought on credit. The transaction would be entered by the customer first in the
Purchases day book
Sales day book
Returns inwards book
Returns outwards book
Journal proper
Correct answer is E
No explanation has been provided for this answer.
Accounting term used to describe the excess of current assets over current liabilities is
Shared capital
Working capital
Subscribed capital
Reserve capital
Loan capital
Correct answer is B
No explanation has been provided for this answer.
Payment of salaries to partners is
A charge to profit and loss account
A charge to trading account
An appropriation of divisible profit
An appropriation of interest on capital
An appropriation of interest on current account
Correct answer is C
No explanation has been provided for this answer.
A business which converts raw materials to finished goods prepares
Trading account and balance sheet
Profit and loss account and balance sheet
Balance sheet only
Trading profit and loss account and balance sheet
Manufacturing, trading, profit and loss account and balance sheet
Correct answer is E
No explanation has been provided for this answer.
Which of the following statements is not true of a non-profit making organization?
Income and expenditure account is prepared
Income and expenditure account excludes accruals and prepayments
Income and expenditure account excludes capital receipts and capital payments
Receipts and Payments account is a substitute for expenditure account
Correct answer is D
No explanation has been provided for this answer.