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.
The following appears in the trading account except
Carriage inward
Opening stock
Carriage outward
Sales
Correct answer is C
Carriage outward is an expenses and it does not appear in the trading account but appears in the profit and loss account.
Contingencies
Reserved expenditure warrant
Annual general warrant
Provisional general warrant
Correct answer is D
Provisional general warrant is used to release fund for the payment of emolument and other services before the budget is approved. It will be in operation for four months.
The use of three column cash book is determined by
Trade discount
Cash transaction
Bank transaction
Cash discount
Correct answer is D
The cash discount is allowed for prompt payment of an account or for payment within a specified period of time. It is divided into discount allowed and discount received.
The following are importance of branch account except
It allows fraud and wastage of resources
It assist the organization to determine the performance of a branch manager
It enable the organization to determine the branch that is making either profit or loss
It allows proper control over the branch by the head office
Correct answer is A
The importance and objectives of branch account are:
- to access the performance of the branches
- to prevent wastage
- to prevent fraud and other malpractices
- to ascertain the profit or loss for each branch
Items shown in the balance sheet as asset includes
Debit balance on drawings account
Debit balance on a customer's account
Credit balance on the capital's account
Credit balance on a supplier's account
Correct answer is B
The items which are generally present in all the balance sheet includes assets like cash, inventory, account receivable, investments, prepaid expenses and fixed assets.