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 straight-line depreciation is
A fixed sum set aside for the replacement of the asset
A fixed percentage of the balance of the asset at the end of the year
An estimated amount each year
An increase in the value of the asset
A fixed percentage of the cost of the asset written off each year
Correct answer is E
No explanation has been provided for this answer.
When precision for depreciation account is maintained, the annual charge for depreciation shall be
Debited to the provision account and credited to profit and loss account
Debited to the asset account and credited to profit and loss account
Debited to profit and loss account and credited provision account
Debited to the asset account and credited to the provision account
Debited to the provision account and credited to the asser account
Correct answer is C
No explanation has been provided for this answer.
What are the entries of posting credit purchases into the purchases ledger control account?
Debt purchases ledger control account only
Debit both purchases account and purchases ledger control account
Credit purchases acount, debit purcases ledger control account
Credit both purchases ledger control account and the purchases account
Debit purchases account, credit purchases ladger control account
Correct answer is E
No explanation has been provided for this answer.
The balance of the sales account is transferred to the trading account by
Debiting the profit and loss account
Debiting the trading account
Debiting the sales account
Crediting the profit and loss account
Crediting the sales account
Correct answer is C
No explanation has been provided for this answer.
Commission received is entered on the
Credit side of the profit and loss account
Credit side of the trading account
Credit side of the cash book
Debit side of the profit and loss account
Debit side of the trading account
Correct answer is A
No explanation has been provided for this answer.