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.
Subscriptions owed by members of a club is a/an
Asset
Liability
Profit
Surplus
Correct answer is A
No explanation has been provided for this answer.
Net turnover is referred to as
Purchases
Assets
Sales
Profits
Correct answer is C
net turnover - is turnover before VAT and after trade discounts have been deducted. A company may use net turnover to measure the total volume of sales
Accumulated fund is also referred to as
Surplus
Profit
Deficit
Capital
Correct answer is D
No explanation has been provided for this answer.
D1,920
D1,000
D920
D80
Correct answer is C
No explanation has been provided for this answer.
The accounting treatment for a dishonored cheque is; debit
Customer's account; credit bank account
Bank account; credit customer's account
Customer's account; credit sales account
Sales account; credit customer account
Correct answer is B
Treatment: Before any notice of cheque being dishonored: When a supplier (payee) receives a cheque from a customer(drawer) the supplier's cash book is debited and the customer's account in the sales ledger is credited with the amount of the cheque.