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.
Keeping records under single entry system has the advantage of
Quality in terms of records
Simplicity in terms of operation
Accuracy in terms of operation
Completeness in terms of records
Correct answer is B
Advantages Of Single Entry System. Single entry system does not need any special accounting knowledge and personnel to record financial transaction of the business. It can be maintained easily by the business owner. So, this system of book-keeping is simple to maintain and easy to practice.
27,150
43,350
16,200
34,350
Correct answer is A
No explanation has been provided for this answer.
A sales for N2,570 was recorded in the sales day book as N2750. The error committed was
Error of principle
Error of commission
Error of original entry
Compensating error
Correct answer is C
An error of original entry occurs when an incorrect amount is posted to the correct account. A particular example of an error of original entry is a transposition error where the numbers are not entered in the correct order. This type of error deals directly with the wrong use of figures
N1,500
N3,000
N1,800
N2,000
Correct answer is C
No explanation has been provided for this answer.
Equally
In accordance with an established
In proportion of current account balances
In proportion of weighted average of capital
Correct answer is A
Profit or loss are expected to be share equally in the absence of any agreement