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.
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A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.
The yearly depreciation using the straight-line method would be
₦5200
₦800
₦6500
₦4400
Correct answer is A
No explanation has been provided for this answer.
The major feature of a journal is that it has
Five columns, date, particulars, folio, debit and credit
Three columns, date, particulars, folio and amount
Six columns, date. particulars, folio, amount debit and credit
Four columns, date, particulars, folio and amount
Correct answer is A
A typical journal entry usually has four columns: the date of the transaction, the particulars, and columns for the debits and credits.
Sometimes, the folio column can be included, but is it not a compulsory requirement.
Commission paid
Interest received
Direct withdrawal
Direct payment
Correct answer is D
No explanation has been provided for this answer.
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₦1800
₦800
₦2600
₦600
Correct answer is B
No explanation has been provided for this answer.
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₦3000
₦9400
₦3400
₦6000
Correct answer is A
capital = total assets - liabilities
2000 + 4000 - (1200 + 2000)
6000 - 3200 = 2800
2800 + 200 (drawings) = 3000