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.
Suspense account is used in the correction of
All errors in the trial balance
Errors that affect the agreement of a trial balance
Errors that do not affect the agreement of a trial balance
Errors that affect the accuracy of the net profit
Correct answer is B
No explanation has been provided for this answer.
Current asset of GH¢36,000
Current asset of GH¢12,000
Current liability of GH¢12,000
Current liability of GH¢48,000
Correct answer is B
No explanation has been provided for this answer.
Use the following information to answer this question
GH¢ Rent expense for 2018 was
Monthly rent payable 3,000
Rent paid on 01/01/2018 48,000
GH¢84,000
GH¢48,000
GH¢36,000
GH¢12,000
Correct answer is C
No explanation has been provided for this answer.
Accounting concepts are rules of accounting which are to be
Taught in all accounting classes
Implemented by all professional bodies
Followed in the preparation of financial statements
Applied in correction of business errors
Correct answer is C
No explanation has been provided for this answer.
Provision is made in the accounts when the amount involved in the anticipated loss is
Too much
Not significant
Not certain
Well known
Correct answer is C
No explanation has been provided for this answer.