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.
Use the following information to answer the question below
N90,000
N40,500
N36,000
N27,500
Correct answer is C
No explanation has been provided for this answer.
A total of D 9,160 was entered in the sales account as D9,610. To correct this error: debit
Sales Account D450: credit Sales Day Book D450
Sales Day Book D 450: credit Sales Account D 450
Sales Account D450; credit Suspense Account D 450
Suspense Account D 450; credit Sales Account D450
Correct answer is C
No explanation has been provided for this answer.
A debit balance of N420 on the purchases ledger control account means that the
Trade creditors were overpaid by N420
Trade creditors are owed N420
Goods returned to trade creditors amounted to N420
Total supplies from trade creditors amounted to N420
Correct answer is A
No explanation has been provided for this answer.
The document which serves as the authority to incur expenditure in the public sector is
Warrant
Vote
Budget
Voucher
Correct answer is A
No explanation has been provided for this answer.
In a situation of incomplete records, profit is determined as
Closing capital drawings opening capital
Closing capital- drawings-opening capital
Closing capital drawings - opening capital
Closing capital drawings + opening capital
Correct answer is C
No explanation has been provided for this answer.