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 balance in the purchases ledger control account is
Total purchases
Total sales
The total of the debtors
The total of the creditors
The total credit purchases
Correct answer is D
No explanation has been provided for this answer.
Which of the following shows the stock at the start of an accounting period?
Appropriation account
Current assets in the balance sheet
Current liabilities in the balance sheet
Trading account
Profit and loss account
Correct answer is B
No explanation has been provided for this answer.
The drawings account of a sole proprietorship is transferred to the
Capital account
Debit side of the trading account
Credit side of the profit and loss account
Current liabilities in the balance sheet
current assets in the balance sheet
Correct answer is A
No explanation has been provided for this answer.
Which of the following would be posted to the proprietor's capital account?
Gross sales
Gross profit
Net sales
Net profit
Manufacturing profit
Correct answer is D
No explanation has been provided for this answer.
A sales for N2,570 was recorded in the day book as N2,750. The error committed was
Compensating error
Error of omission
Error of principle
Error of original entry
Error of transportation
Correct answer is D
No explanation has been provided for this answer.