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.
Which of the following is not a cause of depreciation?
Inflation
Erosion and decay
Wear and tear
Obsolescence
Correct answer is A
No explanation has been provided for this answer.
The profit of sole trader increases his
Stock
Asset
Liability
Capital
Correct answer is D
No explanation has been provided for this answer.
The total of the discount from creditors is transferred to
Credit side of discounts received account
Debit side of discounts received account
Credit side of discounts allowed account
Debit side of discounts allowed account
Correct answer is A
No explanation has been provided for this answer.
Where there is a loss on disposal of a fixed asset, it means
depreciation has been underestimated
depreciation has been overestimated
scrap value has not been estimated
depreciation method used is inappropriate
Correct answer is B
No explanation has been provided for this answer.
debit drawings account, credit purchases account
debit purchases account, credit sales account
debit sales avvount, credit drawings account
debit drawings account, credit sales account
Correct answer is A
No explanation has been provided for this answer.