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.
Where fixed capital account is maintained, partners Share of profit is transferred to the
Debit side of the capital account
Credit side of the capital account
Credit side of partner's current account
Debit side of partners current account
Correct answer is C
No explanation has been provided for this answer.
When closing stock is undervalued, the cost of goods sold would be
Overstated and the gross profit understated
Understated and the gross profit overstated
Understated and the gross profit overstated
Understated and the gross profit understated
Correct answer is A
No explanation has been provided for this answer.
Goods bought from Sanmah for Le1,600 was entered into Shamail's Account. This is an error of
Compensation
Commission
Original entry
Principle
Correct answer is B
No explanation has been provided for this answer.
In a single-entry accounting, purchases are ascertained using a
Trading account
Debtors control account
Statement of affairs
Creditors control account
Correct answer is D
No explanation has been provided for this answer.
6,440
3,880
3,500
1,320
Correct answer is D
No explanation has been provided for this answer.