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 undistributed profits of a limited liability company is
Goodwill
Working capital
Net profit
Retained earnings
Net loss
Correct answer is D
No explanation has been provided for this answer.
Working capital is measured by the excess of
Current liabilities over current assets
Fixed assets over current assets
Currents assets over current liabilities
Current assets over fixed assets
Long term liabilities fixed assets
Correct answer is C
No explanation has been provided for this answer.
Which of the following is an example of Personal Accounts?
Stock
Fixture
Equipment
Rent
Debtors
Correct answer is E
No explanation has been provided for this answer.
Subscription in advance is an example of
Payment
Accrual
Debtors
Provision
Reserves
Correct answer is B
No explanation has been provided for this answer.
The accounting entries required for increase in provision for doubtful debts are
Debit profit and loss account, credit provision for doubtful debts account
Credit provision for doubtful debts account; debit profit and loss account
Credit trading account; credit provision and doubtful debts account
Credit trading trading account; debit provision for doubtful debts account
Credit debtor's account; debit provision for doubtful debts account
Correct answer is A
No explanation has been provided for this answer.