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.
S. Sule sets aside from his private funds ₦20.000 is referred to as
Drawings
Capital
Loan
Profit
Correct answer is B
No explanation has been provided for this answer.
Cost accounting
Bookkeeping
Incomplete records
Double entry
Correct answer is C
Incomplete records refers to a situation in which an organization is not using double-entry bookkeeping. Instead, it is using a more informal accounting system, such as a single-entry system, to maintain a reduced amount of information about its financial results.
In the balance sheet, the balance on the provision for Depreciation Account shown as
Addition to fixed assets
Deduction from fixed assets
Addition to capital
Deduction from current liabilities
Correct answer is B
No explanation has been provided for this answer.
Subscriptions received in advance are
Included in the income and expenditure account
Not included in the receipts and payment account
Shown as a current asset in the balance sheet
Shown in the Balance Sheet as a current liability
Correct answer is D
An amount received in advance against which the services are yet to provide is a balance sheet item. Any advance subscription is a liability and to be shown in balance sheet
Which of the following is not part of the double entry system?
Trading account
Profit and loss account
Appropriation account
Balance sheet
Correct answer is D
No explanation has been provided for this answer.