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.

1,991.

A stock as a form of capital of a company comprises

A.

Tons of merchandise

B.

Units of goods

C.

Units of shares

D.

Bundles of wares

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

1,992.

A debenture holder is a

A.

Creditor

B.

Promoter

C.

Debtor

D.

Shareholder

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

1,993.

Abu, a debtor to Dania, owed ₦10,500 at the start of the month. He paid cash of ₦40,005 during the month and received additional credit sales of ₦20,000.Using the information, Abu's balance at the end of the month is

A.

₦30,505 cr.

B.

₦9,505 cr.

C.

₦9,505 dr.

D.

₦30,500 dr.

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

1,994.

Abu, a debtor to Dania, owed ₦10,500 at the start of the month. He paid cash of ₦40,005 during the month and received additional credit sales of ₦20,000.Using the information, In Dania's books, to record the payment of ₦30,505 cr.40,005 by Abu

A.

Debit cash account, credit Abu's account

B.

Debit Abu's account, credit cash account

C.

Debit Abu's account, credit cash account

D.

Debit sales account, credit cash account

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

1,995.

Which of the following is debited to partner's current account?

A.

Capital

B.

Interest on capital

C.

Drawings

D.

Share of profit

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.


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