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.
16 : 1
15 : 1
8 : 1
2 : 1
0.5 : 1
Correct answer is C
No explanation has been provided for this answer.
N45,000
N39, 000
N35,000
N46,000
Correct answer is B
Capital + Additional capital - Drawings - net loss
35,000 +10,000 - 2500 - 3500 = 39,000
Which of the following condition would attract credit and debit notes to be used?
When goods are received from supplier
When a trial balance is extracted
When a buyer is under or over charged
When goods are sold to a buyer
Correct answer is C
Debit note is usually issued by the purchaser andcredit note is usually issued by the seller. But debit note can be issued by the seller when the buyer erroneously records more and credit note can also be issued by the buyer when the seller undercharges the buyer.
N45,000
N30,000
N25,000
N20,000
N15,000
Correct answer is E
No explanation has been provided for this answer.
The effect of overstating revenue expenditure in the profit and loss account is that the
Opening stock will be increased
Net profit will be understand
Net profit will be overstead
Opening stock will be decreased
Correct answer is B
As a general rule, an increase in any type of business expense lowers profit. overstating expenditure would decrease or understate the net profit