Accounting Questions and Answers

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.

41.

Use the following to answer the given question

\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditors} & 30,000 \\ \text{Credit sales} & 100,000\\ \text{Credit purchases} & 80,000 \\ \text{Bad debts}& 5,500\\ \text{Set-offs} & 65,500\end{array}\)

Closing creditors figure is

₦115,500

₦110,000

₦95,500

₦44,500

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

42.

Use the following to answer the given question

Closing debtors figure is

₦140,000

₦134,500

₦80,000

₦69,000

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

43.

Use the following information to answer the given question

\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)

The closing balance of ₦3,368 Dr is classified in the balance sheet as a

Fixed asset

Current asset

Current liability

Capital

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

44.

Use the following information to answer the given question

\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)

The rent receivable accrued as at 31st December 2005 is shown in the balance sheet as

Current asset

Current liability

Long-term liability

Fixed asset

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

45.

Use the following information to answer the given question

\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)

The entry for rent received in the profit and loss account for the year ended 31st December 2005 is

Credit profit and loss account with D4,500

Credit profit and loss account with D2,500

Debit profit and loss account with D2,500

Debit profit and loss account with D,500

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

Accounting Questions and Answers

Sub-categories

Aptitude Tests

Common Interview Questions

Latest Jobs