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.
When a buyer is undercharged, the seller forwards
A debit note
A credit note
An undercast note
A payment receipt
Correct answer is A
No explanation has been provided for this answer.
Prepaid rent of N650 had been recorded as N560. This is an error of
Commission
Principle
Compensation
Original entry
Correct answer is D
No explanation has been provided for this answer.
Gross Profit of a business is the
Excess of sales over all the trading expenses
Difference between sales and purchases
Excess of sales over the cost of goods sold
Difference between discounts received and discount allowed
Correct answer is C
No explanation has been provided for this answer.
Expenses incurred when incorporating a company are
Preliminary expenses
Selling expenses
Administrative expenses
Financial expenses
Correct answer is A
No explanation has been provided for this answer.
The entries necessary for recording profit loading on goods sent to branch are
Debit branch stock account, credit branch stock adjustment account
Credit branch stock Adjustment account, debit goods, debit goods sent to branch account
Debit goods sent to branch account, credit branch stock account
Debit branch stock adjustment account, credit branch stock account
Correct answer is B
No explanation has been provided for this answer.