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.
Buying in large quantity
Prompt settlement of account
Being a regular customer
Introducing other customers
Sales returns
Correct answer is B
No explanation has been provided for this answer.
Debit cash account N5,200, credit suspense account N5,200
Credit cash account N5,200, debit suspense account N5,200
Debit cash account N2,600, credit suspense account N2,600
Credit cash account N2,600, debit suspense account N2,600
Credit cash account N2,600, debit bank account N2,600
Correct answer is D
No explanation has been provided for this answer.
Where a proprietor withdraws cash from bank for office use, the entries would be
Credit cash account, debit bank account
Debit cash account, credit bank account
Debit officer account, credit bank account
Debit drawings account, credit bank account
Debit bank account, credit drawings account
Correct answer is B
No explanation has been provided for this answer.
Carriage outwards is charged to the
Debit side of profit and loss account
Credit side of profit and loss account
Credit side of trading account
Debit side of profit and loss Appropriation account
Debit side of Balance under current liabilities
Correct answer is A
No explanation has been provided for this answer.
Which of the following statements is not valid?
Provision for bad debts is deducted from debtors total in the Balance sheet
An increase in provision for bad debts appears on the debi side of the profit and loss account
A decrease in the provison for bad debts appears on the credit side of profit and loss account
The bad debt account is closed to the debit side of the profit and loss account
Bad debt is a deduction from debtors total afte making provision for bad and boughtful debts
Correct answer is E
No explanation has been provided for this answer.