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.
Private, sales and purchases
Personal, general and private
General, private and sales
Sales, purchases and general
Correct answer is D
The three types of ledgers are general, sales, and purchase ledgers.
The sales ledger records all sales transactions, whether cash or credit sales. While the purchase ledger records all purchases including those fully paid for and unpaid.
The general ledger, on the other hand, is a document providing a complete record of all the financial transactions of your business.
Which of the following affects the accuracy and authenticity of the trial balance?
Error of ommission
Error of commission
Error of transposition
Error of original entry
Correct answer is C
No explanation has been provided for this answer.
Sales day book
Purchases day book
Sales subsidiary book
Cash book
Correct answer is D
No explanation has been provided for this answer.
Cash account
Bank account
Suspense account
Purchases account
Correct answer is B
No explanation has been provided for this answer.
Matching
Consistency
Realization
Going concern
Correct answer is C
No explanation has been provided for this answer.