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.
Use the following information to answer this question.
N2,800
N1,000
N2,500
N3,000
Correct answer is B
Being that debtors balance minus bad debt written off multiplied by 10% and subtracted from the initial provision
28000 – 3000 = 25,000 X 10% = 2500
:. 2500 – 1500 = 1,000 (increase in provisions)
If rent account is debited instead of rate account, the error committed is that of;
Omission
Commission
Principle
Original entry
Correct answer is A
Error of omission: An error that occurs when action has not been taken or when something has been left out.
The loss made by a non profit making organization is called
Deficit
Surplus
Discount
Shortage
Correct answer is A
A deficit occurs for a nonprofit organization whenever its expenses exceed its revenue . deficit in a non for profit making organization stands for loss and it is the excess of expenses over bar profit and other income.
An advantage of using accounting ratios is that
Can be easily calculated
Show errors and frauds
Facilitate decision making
Are stipulated by law
Correct answer is C
Accounting ratios helps management in taking decision the totality of the activities in an organization
If sales return is understated, it implies that ------------------------------ is overstated
Return inward
Sales figure
Cost of sales
Return outward
Correct answer is B
This is so because returns inwards are deducted from sales to ascertain the actual sales made after subtracting defected goods