Accounting questions and answers

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.

31.

One of the internal users of accounting information is the

A.

Management

B.

Government

C.

Creditors

D.

Investors

Correct answer is A

The internal users are the primary users of accounting information and included the following:

- Owners (shareholders) of the company

- The management of the company

- The employees of the company

32.

Another name for control accounts is

A.

Total account

B.

Purchases ledger

C.

Creditors' account

D.

Debtors' account

Correct answer is A

Control account is also known as self balancing ledger of total control account.

33.

Suppliers' personal account are found in the

A.

private ledger

B.

nominal ledger

C.

purchases ledger

D.

sales ledger

Correct answer is C

The purchases ledger contains accounts of creditors i.e it is the book for supplier personal account.

34.

In the final account of a limited liability company, debenture interest paid is recorded in the

A.

capital account

B.

profit and loss account

C.

trading account

D.

current account

Correct answer is B

Debenture interest is recorded on the debit side of the profit and loss account.

35.

The authority to transfer fund from one head to another within the same organization is called

A.

Fund

B.

Wallet

C.

Vote

D.

Virement

Correct answer is D

Virement warrants is used to transfer fund from one vote head to another. It is used to create a new vote head but to transfer fund within the same economic head.