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.
Principle
Commission
Original entry
Complete reversal
Correct answer is B
Error of commission is an error that occurs when doing something wrong, such as including a wrong amount or including an amount in the wrong place.
For example, money that has been received from a customer is credited properly to the accounts receivable account, but to the wrong customer.
88,920
84,240
80,028
72,025
Correct answer is A
60 x 1560 = 93600
Cash discount = 5/100 x 93600 = 4680
93600 - 4680 = 88920
9,360
8,424
4,680
4,212
Correct answer is C
Unit cost = 60
Quantity = 1560
60 x 1560 = 93600
Cash discount = 5/100 x 93600 = 4680
A reduction n price to encourage prompt payment is........
Trade discount
Quantity discount
Cash discount
Seasonal discount
Correct answer is C
Cash discounts refer to an incentive that a seller offers to a buyer in return for paying a bill before the scheduled due date. The seller would typically reduce a certain amount from the total amount owed to encourage the buyer to make payment faster.
Entries in the purchase journal are transferred to the .............
Receivable ledger
Payable ledger
General ledger
Private ledger
Correct answer is B
The purchase journal records all credit purchases. All the entries are then moved to the accounts payable.
Accounts payable are amounts due to vendors or suppliers for goods or services received that have not yet been paid for.