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 equivalent of a club's Receipt and payment account is
Cash account
Revenue account
Trading account
Suspense account
Profit and loss account
Correct answer is A
No explanation has been provided for this answer.
The term bad debts means debts
Recorded in wrong account
Owed by an employee
Paid with fake currency
That cannot be collected
Owed by a supplier
Correct answer is D
No explanation has been provided for this answer.
A trial balance is a proof of accuracy of
Transactions
Final accounts
Double entry in the ledger
Trading account
Balance sheet
Correct answer is C
No explanation has been provided for this answer.
Cash stolen from branch-taking s is recorded in the Head Office books by debiting
Defalcations account and crediting branch stock acccount
Mark-up account and crediting branch stock account
Defalcations account and crediting profit and loss account
Cash account and crediting branch stock account
Branch stock account and crediting defalcations account
Correct answer is A
No explanation has been provided for this answer.
Mark-up on goods sent to branch offices are recorded in the books by creating
Stock adjustment account debiting branch stock account
Goods sent to branch account and debiting branch stock account
Branch stock account and debiting stock adjustment account
Cash account and crediting branch stock account
Branch stock account and crediting defalcations account
Correct answer is A
No explanation has been provided for this answer.