Accounting questions and answers

Accounting Questions and Answers

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.

1,911.

The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized by

A.

Realization concept

B.

Entity concept

C.

Going cornvern concept

D.

Dual aspect concept

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

1,912.

Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions shown in the Balance sheet as at 31st December 2005 is

A.

₦400(asset)

B.

₦150(asset)

C.

₦150(liability)

D.

400(liability)

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

1,913.

Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is

A.

₦5,750

B.

₦5,350

C.

₦400

D.

₦115

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

1,914.

A cash payment of ₦85 to Regina was entered in the books as ₦58. The entries to correct the error are: debit

 

A.

Regina's account ₦27 : credit cash account ₦27

B.

Cash account ₦27 : credit Regina's account ₦27

C.

Regina's account ₦143 : credit cash account ₦143

D.

Cash account ₦143 : credit Regina's account ₦143

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

1,915.

Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is 

A.

₦5,750

B.

₦5,350

C.

₦400

D.

₦115

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.


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