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.
Factory wages are always entered into the
Sales account
Manufacturing account
Profit and loss account
Trading account
Trading account
Correct answer is B
No explanation has been provided for this answer.
Which of the following is not an Appropriation account item for a company?
Interest on drawings
Proposed dividends
Interim dividends
Provision for taxation
General reserve
Correct answer is A
No explanation has been provided for this answer.
The purpose of a trading account is to ascertain
Sales
Gross profit or loss
Net profit or loss
Carriage outwarrds
Appropriated profit
Correct answer is B
No explanation has been provided for this answer.
Which of the following entries would be made for goods bought and paid for immediately? Debit
Cash account, credit sales account
Purchases account; credit cash account
Cash account; credit purchases account
Purchases account; credit sales account
Purchases account; credit goods account
Correct answer is B
No explanation has been provided for this answer.
The balance sheet is a statement showing
All assets and liabilities
All balances
Credit entries of the business
Debit entries of the business
Capital and liabilities
Correct answer is A
No explanation has been provided for this answer.