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.
The balance of the sales ledger control account represents
Total sales
Total credit sales
Total creditors
Total debtors
Correct answer is D
It represents the total of all credit sales. Also known as trade debtors.
Bad debts written off is shown as
Debit in the sales ledger
Debit in the purchases ledger
Credit in the sales ledger
Credit in the purchases ledger
Correct answer is C
The journal entry is a debit to the bad debt expense account and a credit to the accounts receivable account. (Remember your account receivables are credit sales that is the sales journal).
The difference between factory cost of goods produced and its market value is
Interest
Premium
Manufacturing profit
Manufacturing overhead
Correct answer is C
Which of the following is not a debit item in a partnership appropriation account?
Capital
Drawings
Creditors
Bank balance
Correct answer is B
No explanation has been provided for this answer.
Which of the following is a debit entry in debtors control account?
Credit sales
Bad debts
Returns inwards
Discounts allowed
Correct answer is A
No explanation has been provided for this answer.