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 profit and loss appropriation account item?
Staff salaries
Interest on capital
Interest on money advanced by partners
Share of profit
Interest and drawings
Correct answer is A
No explanation has been provided for this answer.
Company tax
Unappropriated surplus
Proposed dividend
Transfer to reserve
Interim dividend paid
Correct answer is A
No explanation has been provided for this answer.
N100
N125
N500
N600
N625
Correct answer is E
No explanation has been provided for this answer.
Profit expressed as a proportion of cost price is known as
Gross profit
Profit make-up
Profit margin
Profit percentage
Profit ratio
Correct answer is B
No explanation has been provided for this answer.
Which of the following errors will not allow a trial balance to agree?
Where a transaction is completely omitted from the books
Where the correct amount is entered but in the wrong account
Where the figure entered on one side is different from the one entered on the other side
Where an item is entered in the wrong class of account
Where the correct amount is used but each item is shown on the wrong side of the account
Correct answer is C
No explanation has been provided for this answer.