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.
Under which of the following conditions is a partnership dissolved?
Change of the partnership's head office
Purchase of a large quantity of fixed assets
Admission of a new partner
Retirement of a manager who is not a partner
Correct answer is C
No explanation has been provided for this answer.
The cost of goods sold for the year is Le200,000 and the mark-up is 30%. The sale for the year is
Le260,000
Le200,000
Le140,000
Le60,000
Correct answer is A
No explanation has been provided for this answer.
A transaction that would cause the cash book balance to be less than the bank statement balance is
Direct debit
Standing order
Bank charges
Unprecedented cheques
Correct answer is D
No explanation has been provided for this answer.
Suspense account is used in the correction of
All errors in the trial balance
Errors that affect the agreement of a trial balance
Errors that do not affect the agreement of a trial balance
Errors that affect the accuracy of the net profit
Correct answer is B
No explanation has been provided for this answer.
Current asset of GH¢36,000
Current asset of GH¢12,000
Current liability of GH¢12,000
Current liability of GH¢48,000
Correct answer is B
No explanation has been provided for this answer.