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.
Cash discount received is shown in the
i. Cash
ii. Discount Received Account
iii. Supplier's Account
i and ii
ii and iii
i and iii
i, ii and iii
Correct answer is D
No explanation has been provided for this answer.
Trade discount
Cash discount
Quantity discount
Rebate
Correct answer is B
No explanation has been provided for this answer.
Partner's interest on capital is shown in the
Profit and loss Account
Partners fixed capital account
Profit and loss appropriation account
Trading account
Correct answer is A
No explanation has been provided for this answer.
Accrual
Materiality
Prudence
Going-corncern
Correct answer is B
No explanation has been provided for this answer.
The price paid for the purchase of a business is
Credited to cash accounted to cash account and debited to vendor's account
Debited to cash account and credited to Vendor's Account
Debited to business purchase Account and credited to Asset Account
Credited to cash Account and debited to Asset Account
Correct answer is A
No explanation has been provided for this answer.