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 sales account is written up from
Cash sales to customers only
Credit sales to customers only
Credit sales less cash sales
Cash sales less cash discounts
Both credit and cash sales
Correct answer is E
No explanation has been provided for this answer.
When goods are sold for cash the credit entry goes to the
Trader's account
Cash book
Purchases account
Sales account
Customer’s account
Correct answer is D
No explanation has been provided for this answer.
Capital
Loan
Reserve
Drawings
Profit
Correct answer is A
No explanation has been provided for this answer.
The bank column in the cash book shows a credit balance of N180. This means
A total payment of N180
A gross receipt of N180
A left over of N180 in the bank
An overdraft of N180
A left over of N180 cash
Correct answer is D
No explanation has been provided for this answer.
N6,400 profit
N6,000 loss
N4,000 loss
N400 profit
N400 loss
Correct answer is E
No explanation has been provided for this answer.