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.
Form of trading account
Proof of arithmetical accuracy of postings
Statement showing profits at a certain date
Statement showing assets and liabilities at a cretain date
Correct answer is D
No explanation has been provided for this answer.
Which of the following entries is made damaged goods are returned to the supplier?
Supplier's account is debited and the purchasers account credited
Returns outwards account is debited and the supplier's account credited
Purchaser's Account is debited and the supplier's account credited
Supplier's account is debited and the returns Outwards Account credited
Correct answer is D
No explanation has been provided for this answer.
Narration of all transactions and accounts
Debit balances of the accounts
List of all balances extracted from the ledger
List of all credit balances in the ledger
Correct answer is C
No explanation has been provided for this answer.
The purpose of the trading account is to ascertain
Carriage outwards
Gross profit
Distribution expenses
Net profit
Correct answer is B
No explanation has been provided for this answer.
The main classes of shares are
Preference shares and roghts issue
Fixed shares and current share
Ordinary shares and preference shares
Redeemable shares and Irredeemable shares
Correct answer is C
No explanation has been provided for this answer.