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.
Which of the following is the equivalent of the receipts payment accounts?
Income and expenditure accounts
Cash book
Subscriptions account
Profit and loss account
Correct answer is B
Following are the characteristics of receipt and payment account:
From the above characteristics we can say the receipt and payments account is equivalent to the cash book which is used in recording all cash transactions
D11,250
D8,750
D3,750
D1,250
Correct answer is C
net profit = 0.1 x 12500 = 1250
net profit = gross profit - expenses
Therefore; net profit + expenses = gross profit
1250 + 2500 = 3750
A service which a firm has enjoyed, but has not yet been paid for is
Accrued expense
Preliminary expense
Prepaid expense
Overhead expense
Correct answer is A
No explanation has been provided for this answer.
D64,000
D60,000
D40,000
D36,000
Correct answer is A
No explanation has been provided for this answer.
D40,000 profit
D4,000 profit
D4,000 loss
D40,000 loss
Correct answer is C
No explanation has been provided for this answer.