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.
Petty cash book records transactions on
The debit side only
The credit side only
Both credit and debit sides
Reversed entry
Correct answer is C
No explanation has been provided for this answer.
The major advantage of an imprest system is that it
Ensures a proper accountability for every expenditure
Trains the young accountants in preparation for greater responsibilities
Relieves the chief cashier of the numerous petty cash payments
Serves as an analysis column for every expenses
Correct answer is C
No explanation has been provided for this answer.
#25,650
#22,800
#19,950
#18,240
Correct answer is C
No explanation has been provided for this answer.
The accounting entries to record a cheque issued by a business is to
Debit cash book and credit drawer
Credit cash book and debit drawer
Debit cash book and credit suspense account
Credit cash book and debit suspense account
Correct answer is B
No explanation has been provided for this answer.
The book of account in which information from the source documents are recorded consists of
Debit and credit notes
Ledger and subsidiary books
Prepayments and accruals
Profit and loss and balance sheet
Correct answer is B
No explanation has been provided for this answer.