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.
Goods manufactured
Materials put into production
Goods available for sale
Goods sold
Correct answer is A
No explanation has been provided for this answer.
The value of the sales ledger control account is derived from the summation of the
Total creditors control account
Total debtors control account
All day books
Both the debtors and creditors accounts
Correct answer is B
No explanation has been provided for this answer.
The standing order is a payment instruction given by a
Customer to a fellow customer
Bank to an employee
Customer to the bank
Bank to the customers
Correct answer is C
No explanation has been provided for this answer.
The debenture issued at par above the nominal value is Said to be issued at a
Margin
Premium
Cost price
Mark-up
Correct answer is B
No explanation has been provided for this answer.
Which of the following are advantages of departmental accounts?
The capital of the business can be calculated easily
Easy knowledge of the sources of funding
Encouragement of healthy rivalry among the various department
The department making the highest profit can be easily determined
Correct answer is D
No explanation has been provided for this answer.