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.
Carriage inwards on raw materials is recorded in the
Balance sheet
Profit and loss account
Trading account
Manufacturing account
Correct answer is D
Carriage inwards on raw materials is recorded in the manufacturing account. It is added to the opening stock of raw materials and purchase of raw materials.
Which of the following items is found in the profit and loss account of a company?
Proposed dividends
Transfer to general reserves
Director's remuneration
Proceeds from issue of shares
Correct answer is A
Proposed dividends (ordinary) is shown on the debit side of the profit and loss appropriation account of a company.
The error that affects the agreement of a trial balance totals is
Error of commission
Undercasting
Compensating error
Error of principle
Correct answer is B
The errors that will affect the agreement of the trial balance are: one sided omission, two entries on the same side, undercasting or overcasting of balances etc.
Wages of machine operators in manufacturing account are treated as
Indirect expenses
Direct expenses
Direct labour
Indirect labour
Correct answer is C
Direct labour are cost of labour services which are easily and directly traceable to the creation of a product e.g wages of operators, assembly line workers wages etc.
The concept which underlines double entry bookkeeping is
Money measurement concept
Historical cost concept
Accrual concept
Duality concept
Correct answer is D
Dual aspect concept ensures the mathematical accuracy of all records. It states that there are two aspects of accounting: one debit and one credit.