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.
Sugar account #12,000 and credit Jide #12,000
Jide #12,000 and credit sales account #12,000
Ibrahim #12,000 and credit Jide #12,000
Sugar account #12,000 and credit Ibrahim #12,000
Correct answer is B
Debit cash paid by Jide to the sum of 12,000 and credit stock or sales account
Akirika bought a motor van for his business by cash. The entries are to debit
Motor van and credit Akirika
Sales and credit Akrika
Motor van and credit cash
Cash and credit motor van
Correct answer is C
Since the van is not for resale rather to help in the running of the business, we debit motor van and credit cash account.
The capital of a sole trader can be increased by
Debiting the capital account
Crediting the capital account
Debiting the cash account
Crediting the cash account
Correct answer is C
No explanation has been provided for this answer.
Capital and debit liabilities
Liabilities and credit assets
Assets and credit capital
Capital and credit assets
Correct answer is C
No explanation has been provided for this answer.
An accountant must not only be interested in record keeping but also in
The application of professional competency
The accuracy of postings
The casting of financial figures
Effective preparation of balance sheet
Correct answer is A
No explanation has been provided for this answer.