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.
The apportionment of the cost of a fixed asset to the profit and loss account is termed?
Expense
Depreciation
Loss
Appreciation
Correct answer is B
No explanation has been provided for this answer.
The claim of a proprietor of a business entity on its assets is................
Liabilities
Capital
Drawings
Funds
Correct answer is C
Drawings is the money withdrawn from a business by its owners for personal use. A drawing account is used primarily for businesses that are taxed as sole proprietorships or partnerships.
A document forwarded to a supplier showing unsatisfactory goods is................................
Debit note
Credit note
Invoice
Waybill
Correct answer is A
No explanation has been provided for this answer.
Credit notes received are source documents for........
Returns inwards journal
Returns outwards journal
Purchase journal
Sales journal
Correct answer is A
Credit notes are given to a buyer/customer by the seller for goods returned. Since the goods are returned to the seller, it is recorded in the returns inwards journal.
Which of the following transactions is a revenue expenditure?
Purchase of plant
Purchase of a new engine
Construction of office wall
Purchase of fuel for vehicle
Correct answer is D
Revenue expenditures are short-term expenses used in the current period or typically within one year. It includes the expenses required to meet the ongoing operational costs of running a business. Option D is correct.