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 sales ledger contains accounts of
Cash sales
Trade debtors
Credit sales
Trade creditors
Correct answer is B
The sales ledger control account is also called total debtors control account. It is the control account for sales or debtors ledger.
Revenue expenditure of a local government includes purchase of
X-ray machine
Incubators
Drugs
Theatre equipment
Correct answer is C
Revenue expenditure are expenses used for the day to day running of the activities of government. These expenses are charged to consolidated fund and they are not permanent in nature e.g salaries, repairs, purchases of drugs, maintenance of vehicles and stationery etc.
Use the information to answer questions below
| Years | Current Assets | Liabilities | Fixed Assets | Capital |
| # | # | # | # | |
| 2018 | 52550 | 78600 | 127450 | X |
| 2017 | 41650 | 53220 | Y | 116780 |
The letter Y represents
#170,000
#128,350
#94,870
#211,650
Correct answer is B
Y (Fixed Assets) = Capital + Liabilities - Current Assets
= 116,780 + 53,220 - 41,650
= 170,000 - 41,650
= 128,350
Use the information to answer questions below
| Years | Current Assets | Liabilities | Fixed Assets | Capital |
| # | # | # | # | |
| 2018 | 52550 | 78600 | 127450 | X |
| 2017 | 41650 | 53220 | Y | 116780 |
The letter X represents
#78,600
#180,000
#101,400
#258,600
Correct answer is C
X (Capital) = Total Assets - Total Liabilities
= (52,550 + 127,450) - 78,600
= 180,000 - 78,600
= 101,400
An item that would be classified as preliminary expenses in a company's account is
Formation expenses
Administrative expenses
Distribution expenses
General expenses
Correct answer is A
Preliminary expenses are expenses expended in the formation of a company. They are referred to as formation expenses and it is a part of the fictitious assets of a company.