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 added to the proprietor's capital?
Net profit
Gross profit
Net sales
Gross sales
Correct answer is A
Net profit is the actual profit after working expenses not included in the calculation of gross profit have been paid. That is, it is the profit after expenses have been deducted from gross profit. It makes up part of the business capital called plough-back profit.
Transposition
Compensation
Omission
Commission
Correct answer is A
A transposition error is a data entry error that occurs when two digits are accidentally reversed. It is where a bookkeeper accidentally reverses two adjacent digits, when recording transactional data.
₦60,000
₦50,000
₦35,000
₦5,000
Correct answer is C
No explanation has been provided for this answer.
₦23,000
₦18,000
₦10,000
₦8,00
Correct answer is B
purchase account = cash purchase + credit purchase
10,000 + 8000 = 18,000
₦50,000
₦40,000
₦45,000
₦30,000
Correct answer is C
The amount of money in an account. It is calculated by adding the initial deposit to all subsequent deposits and then subtracting all disbursements.
capital introduced 50000
purchase 10000
sales 5000
Bal c/d 45000
55000 55000
cash balance = 45000