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 is not a balance sheet item?
Provision for discount
Outstanding wages
Prepaid rent
Proposed dividend
Dividend received
Correct answer is E
No explanation has been provided for this answer.
Discount
Profit
Loss
Premium
Reserve
Correct answer is D
No explanation has been provided for this answer.
N30,500
N25,300
N20,000
N15,800
N14,800
Correct answer is E
No explanation has been provided for this answer.
When provision is made for doubtful debt, the accounting entries are debit
Profit and loss account, credit debtors account
Debtors account, credit trading account
Profit and loss account, credit sales account
Trading account, credit debtors account
Profit and loss account, credit provision for doubtful debt account
Correct answer is A
No explanation has been provided for this answer.
The fixed amount of money set aside for pretty expenses is called
Ordinary fund
Accumulated fund
Float
Impurest receipt
Impurest fund
Correct answer is C
No explanation has been provided for this answer.