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.
| GH⊄ | ||
| January 1 | Petty cash in hand | 1034 |
| January 1 | Petty cash to restore float | 6966 |
| January 6 | Bought note books | 656 |
| January 7 | Paid wages | 1828 |
| January 14 | Bought postage stamps | 750 |
| January 16 | Paid to Biodun a creditor | 1072 |
| January 18 | Paid wages | 1856 |
| January 23 | Purchased envelopes | 874 |
| January 28 | Purchased postage stamps | 420 |
Amount reimbursed at the end of the month was
GH⊄ 6,928
GH⊄ 6,966
GH⊄ 7,456
GH⊄ 8,000
Correct answer is C
Total transaction during the period = 656 + 1828 + 750 + 1072 + 1856 + 874 + 420
= GH⊄7456
| GH⊄ | ||
| January 1 | Petty cash in hand | 1034 |
| January 1 | Petty cash to restore float | 6966 |
| January 6 | Bought note books | 656 |
| January 7 | Paid wages | 1828 |
| January 14 | Bought postage stamps | 750 |
| January 16 | Paid to Biodun a creditor | 1072 |
| January 18 | Paid wages | 1856 |
| January 23 | Purchased envelopes | 874 |
| January 28 | Purchased postage stamps | 420 |
Amount spent on stationery was
GH⊄ 1,170
GH⊄ 1,076
GH⊄ 1,530
GH⊄ 874
Correct answer is C
Amount spent on stationery = 656 + 874
= GH⊄ 1530
Use the following information to answer questions below
| GH⊄ | ||
| January 1 | Petty cash in hand | 1034 |
| January 1 | Petty cash to restore float | 6966 |
| January 6 | Bought note books | 656 |
| January 7 | Paid wages | 1828 |
| January 14 | Bought postage stamps | 750 |
| January 16 | Paid to Biodun a creditor | 1072 |
| January 18 | Paid wages | 1856 |
| January 23 | Purchased envelopes | 874 |
| January 28 | Purchased postage stamps | 420 |
Amount posted to the personal ledger was
GH⊄ 1,034
GH⊄ 1,072
GH⊄ 6,966
GH⊄ 3,684
Correct answer is B
The amount paid to biodun a creditor represent the ledger in the petty cash book which amounted to GH⊄ 1,072
Resources owned and controlled by a business are classified as
Assets
Capital
Liabilities
Drawings
Correct answer is A
Assets are the resources or properties of a business organization e.g. land and building, premises, motor van etc. It is calculated as Asset =Capital + Liabilities.
An increase in provision for doubtful debts would result in
Decrease in net profit
Increase in net profit
Decrease in gross profit
Increase in gross profit
Correct answer is A
Increase in provision for doubtful debt occurs when the current year's provision for doubtful debts is more than the previous year's provision. In the final account, increase in provision for doubtful debts is debited to profit and loss account but in the balance sheet, the increase is added to any previous provision and the total subtracted from the debtors balance. Therefore, it will reduce the net profit from the profit and loss account.