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 distinguishing feature between a two-column cash book is
Discount column
Cash column
Bank column
Ledger folio
Correct answer is A
No explanation has been provided for this answer.
The principle of double entry bookkeeping states that
Every debtor must have a creditor
Every account debited must be immediately credited
For every debit entry, there must be a corresponding credit entry
For every double debit, there must be a double credit
Correct answer is C
The double entry principle of bookkeeping states that, for every credit entry, there must be a corresponding debit entry and vice versa
A collection of fields relating to one logically definable unit of business information is known as
Database
Character
Byte
Record
Correct answer is A
Database - is an integrated collection of logically related records or files. A database consolidates records previously stored in separate files into a common pool of data records that provides data for many applications.
Which of the following is not a factory overhead cost?
Manufacturing wages
Factory rent
Depreciation of machinery
Salary of factory guard
Correct answer is A
Examples of factory overhead costs include: indirect materials, indirect labor, depreciation of the factory equipment and plant, amortization of patents, the cost of small tools used, factory utilities, insurance on the factory and equipment, property taxes on plant and equipment, property taxes on materials and goods.
A manufacturing account is drawn up by
Firms providing personal services
Firms engaged solely in buying and selling of goods
Firms which makes and sell articles
Non-trading organization
Correct answer is C
The manufacturing account is an account in the general ledger which is used to accumulate all the manufacturing costs of goods completed by a business during an accounting period. It is used by firms involved in the production and sales of goods