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.
Use the following information to answer the Question
N2,220
N2,078
N1,642
N578
Correct answer is D
The cash at hand refers to the amount of money that your business has immediately available on the last day of the reporting period. Hence we have;
Income = 420 + 1800 = 2220
Expense = 42 + 100 + 1500 = 1642
2220 - 1642 = 578
The vote book in governmental accounting is used to
Register the name of voters
Control expenditure
Record government revenue
Record taxes paid
Correct answer is B
No explanation has been provided for this answer.
Deferred charges are also known as
Prepayment
Accrued expenses
Accruals
Deferred income
Correct answer is A
No explanation has been provided for this answer.
Which of the following will not make a trial balance total to agree?
Incomplete posting in the ledger accounts
Double entry for each transaction
Omission of a transaction from the ledger
Wrong entry of correct amount into different groups of accounts
Correct answer is A
No explanation has been provided for this answer.
Profit expressed as a proportion of cost price is
Gross profit
Mark-up
Margin
Profit percentage
Correct answer is B
No explanation has been provided for this answer.