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.
Which of the following is not contained in the sales ledger control account?
Receipts from debtors
Returns inwards
Returns outwards
Dishonoured cheque
Discount allowed
Correct answer is C
No explanation has been provided for this answer.
Return inwards was understated. The effect is that
Amount of goods available was understated
Cost of sales was understated
Amount of purchase returns was understated
Amount of sales was understated
Amount of sales returns was understated
Correct answer is C
No explanation has been provided for this answer.
The account that shows both the cash and bank transactions of an enterprise is
appropriation account
trading account
profit and loss account
cash book
Correct answer is D
No explanation has been provided for this answer.
Which of the following is true of trade discounts?
They are recorded in the ledger only
They are not different from cash discount
They are recorded in journal only
They are recorded in ledgers and journals
Each discount receives double entries
Correct answer is C
No explanation has been provided for this answer.
The books of accounts are opened by means of a
Sales journal
Principle journal
Purchases journal
Return inwards journal
Return outwards journal
Correct answer is B
No explanation has been provided for this answer.