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.
N9,400
N6,000
N3,400
N3,000
Correct answer is D
Capital = Assets - liabilities
Assets = Fixed assets + current assets + drawings
2000 + 4000 + 200 = 6200
Liabilities = current liabilities + longterm loans
1200 + 2000 = 3200
6200 - 3200 = 3000
N24,700
N25,200
N26,200
N27,700
Correct answer is A
Balance per bank is the ending cash balance appearing on a bank statement.
Hence we have; cashbook balance + unpresented cheques + direct bank debit - (direct credit + cashbook credit)
20,000+5200+1000 - (1000+500) = 24,700
Error by the bank
Undercasting of the cash book
Overcasting of the cash book
Bank service charges
Correct answer is A
No explanation has been provided for this answer.
The standing order is a payment instruction given by a?
Customer to the bank
Bank to the customer
Bank to an employee
Customer to a fellow customer
Correct answer is A
Standing order is an instruction to a bank by an account holder or customer to make regular fixed payments to a particular person or organization on their behalf.
Cash discount is often recorded on?
The debit side of the cash book
The credit side of the cash book
The folio column of the cash book
Both credit and debit side of the cash book
Correct answer is D
A cash discount is a deduction allowed by some sellers of goods or by some providers of services in order to motivate customers to pay within a specified time. It will be recorded on the debit and credit side of the cash book. Recall the three column cashbook has the cash, bank and discount columns. The debit side of the discount will record cash discount received while the credit side will record discount allowed.