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.
Th major feature of an invoice is that, it?
Passes information through the sales day book
Has cash and bank column
Specifies the particular of goods bought
Indicates only the cash sales
Correct answer is C
Essential Elements Each Invoice Must Include
The account which refers to the tangible assets of a company that is of permanent nature is the
Personal account
Real account
Nominal account
Cash account
Correct answer is B
Real account is an account dealing with the material assets of a business, such as its property.
If stationery bought for N200 has been entered as N2000. To correct this error?
Debit stationery with N2,200
Credit stationery with N1,800
Debit stationery with N1,800
Credit stationery with N2,200
Correct answer is C
To correct the error, we have to debit the amount in excess so as when it is being calculated, the debit side would balance with the credit side.
Remember income in recorded on the debit side while expenses are recorded on the credit side. Since stationary was bought, (expense) it is assumed that it was recorded on the credit side. hence we will debit the amount in excess.
If salary account is debited instead of stationary account, the error committed is that of?
Commission
Omission
Principle
Compensation
Correct answer is A
An error of principle is an accounting mistake in which an entry is recorded in the incorrect account.
Ledger account is mainly classified into?
Nominal, real and personal accounts
Fixed and current accounts
Management, financial and public sector accounting
Bank and cash accounts
Correct answer is A
General Ledger is divided into two types – Nominal Ledger and Private Ledger.