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.
Closing stock was overstated. The effect is that
Amount of goods available was understated
Cost of goods sold was overstated
Amount of sales was understated
Gross profit was overstated
Correct answer is D
No explanation has been provided for this answer.
When goods are purchased on account, the accounting entries are
Debit purchases account, credit supplier's account
Credit purchases account, debit supplier's account
Credit bank account, debit purchases account
Debit bank account, debit purchases account
Correct answer is A
No explanation has been provided for this answer.
The ratio which measures the solvency of a firm is the
Quick ratio
Gross profit over sales ratio
Stock turnover ratio
Debtors turnover ratio
Correct answer is A
No explanation has been provided for this answer.