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.
One of the internal users of accounting information is the
Management
Government
Creditors
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
Another name for control accounts is
Total account
Purchases ledger
Creditors' account
Debtors' account
Correct answer is A
Control account is also known as self balancing ledger of total control account.
Suppliers' personal account are found in the
private ledger
nominal ledger
purchases ledger
sales ledger
Correct answer is C
The purchases ledger contains accounts of creditors i.e it is the book for supplier personal account.
In the final account of a limited liability company, debenture interest paid is recorded in the
capital account
profit and loss account
trading account
current account
Correct answer is B
Debenture interest is recorded on the debit side of the profit and loss account.
The authority to transfer fund from one head to another within the same organization is called
Fund
Wallet
Vote
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.