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.
When a business is purchased, the double entries required in the purchaser's book are debit,
Vendor's account and credit purchase of business account
Asset account and credit purchases of business account
Cash account and credit vendor's account
Purchase of business account
Vendor's account and credit cash account
Correct answer is E
No explanation has been provided for this answer.
Which of the following is not a cause discrepancy between cash book and bank statement balances?
Deposits in transit
Standing order
Paid cheques
Dishonoured cheque
Uncredited cheques
Correct answer is C
No explanation has been provided for this answer.
Provision for depreciation on office furniture is charged to
Capital account
Profit and loss appropriation account
Trading account
Profit and loss account
Manufacturing account
Correct answer is D
No explanation has been provided for this answer.
A list of balance extracted from the ledger is known as
Balance sheet
Statement of affairs
Trading account
Profit and losss account
Trial balance
Correct answer is E
No explanation has been provided for this answer.
Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of
Principle
Original entry
Omission
Commission
Compensation
Correct answer is D
No explanation has been provided for this answer.