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.
Repairs to air conditioners was debited to office equipment account. This is an error of
Principle
Commission
Original entry
Compensation
Correct answer is A
No explanation has been provided for this answer.
Trading account
Profit and loss account
Appropriate account
Balance sheet
Correct answer is A
No explanation has been provided for this answer.
The entries to record goods bought for cash are: debit
Cash account; credit purchases account
Purchases account ; credit cash account
Purchases account; credit stock account
Purchases account; credit goods account
Correct answer is B
No explanation has been provided for this answer.
Which of the following is an advantage of the imprest system?
Rewarding the imprest holder
Reducing the burden of petty cashier
Reimbursing the petty cashier regularly
Reducing the posting for small expenses into the main ledger
Correct answer is D
No explanation has been provided for this answer.
Business entity
Going concern
Accrual
Materiality
Correct answer is C
No explanation has been provided for this answer.