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.
The entries for cash drawn from the bank by a proprietor for the private use is: debit
Bank Account; credit Cash Account
Cash Account; credit Bank Account
Cash Account; credit Drawings Account
Drawings Account; credit Bank Account
Correct answer is D
Cash drawn from the bank by a proprietor for the private use is not contra entry but will be treated as drawings.
Therefore the accounting entry is : debit drawings and credit bank account.
An item that would be considered a first charge against profit in a company's account is
Ordinary dividend
Preference dividend
Capital reserve
General reserve
Correct answer is B
Preference dividend is a dividend that is allocated to and paid on a company's shares. If a company is unable to pay all dividends, claims to preferred dividends take precedence over claims to dividends that are paid on common basis.
Use the following information to answer questions below
| Le | |
| Raw materials: | |
| Stock (01/01/2017) | 822000 |
| Stock (31/12/2017) | 560000 |
| Purchases | 125000 |
| Returns of raw materials | 15000 |
The cost of raw materials consumed is
Le 402,000
Le 947,000
Le 932,000
Le 372,000
Correct answer is D
Cost of raw materials consumed = Opening stock of raw materials + Purchases of raw materials - Returns on raw materials - Closing stock of raw materials
= 822,000 + 125,000 - 15,000 - 560,000
= 372,000
Use the following information to answer questions below
| Le | |
| Raw materials: | |
| Stock (01/01/2017) | 822000 |
| Stock (31/12/2017) | 560000 |
| Purchases | 125000 |
| Returns of raw materials | 15000 |
The cost of raw materials available for production is
Le 372,000
Le 932,000
Le 947,000
Le 402,000
Correct answer is B
Cost of raw materials available = Opening stock of raw materials + Purchases of raw materials - returns of raw materials
= 822,00 + 125,000 + 15,000
= 932,000
The principal book of account where accounts are classified and summarized is
Balance sheet
Ledger
Trial balance
Journal
Correct answer is B
The ledger contains permanent records of all the transactions of the business in a classified and summarized form. The entries in the cash book and other original books are posted to the ledgers.