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.
Bank reconciliation statement is prepared to reconcile the differences between
Bank statement and credit transfers
Cash book and bank transfers
Bank statement and cash transfers
Cash book and bank statement
Correct answer is D
A bank reconciliation is used to compare your records to those of your bank, to see if there are any differences between these two sets of records for your cash transactions. The ending balance of your version of the cash records is known as the book balance, while the bank's version is called the bank balance.
D77,368
D73,157
D67,368
D63,157
Correct answer is C
No explanation has been provided for this answer.
Principle
Commision
Complete reversal of entries
Original entry
Correct answer is C
Error of Complete Reversal Entry – As the name implies, this means that the debit and credit entry recorded for a particular transaction are reversed. The transactions are incorrect but because the amount is the same or equal at both sides, the trial balance still balanced.
GH¢ 8,000
GH¢ 6,000
GH¢ 4,000
GH¢ 2,000
Correct answer is C
An imprest is a fund used by a business for small items of expenditure and restored to a fixed amount periodically.
A reimbursement is a repayment for money you've already spent.
GH¢ 590,000
GH¢ 590,000 0verdrawn
GH¢ 210,000
GH¢ 210,000 Overdrawn
Correct answer is C
An overdraft is a deficit in a bank account caused by drawing more money than the account holds.
The bank will deduct the deficit balance from the new deposit as thus; GH¢ 400,000 - GH¢ 190,000 = GH¢ 210,000