Accounting Questions and Answers

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.

1,721.

Discount received is

Credited to the trading account

Debited to the Profit and Loss Account

Credited to the Profit and Loss Account

Credited to the Appropriation Account

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

1,722.

Use the following information to answer the question

\(\begin{array}{c|c} \text{Unpresented cheques} & N85,305 \\ \text{Balance as per bank statement} & N206,865 \\ \text{Balance as per cash book} & N144,495\end{array}\)

Uncredited cheques amount to

N229,800

N121,560

N85,305

N22,935

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

1,723.

Item in the bank statement of a business but not in the Cash Book before preparation of bank reconciliation statement do not include

Bank charges

Standing order