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.
Discount allowed as represented in the control account appears on the
Credit side of the purchases control account
Debit side of the purchases control account
Credit side of the sales control account
Debit side of the sales control account
Correct answer is C
No explanation has been provided for this answer.
Which of the following is a credit item in creditors ledger control account?
Purchases returns
Bills payable
Purchases
Cash receipts
Correct answer is C
No explanation has been provided for this answer.
The main purpose of control account is to?
Detect errors and irregularities
Assist purchases
Assist sales
Check management incompetence
Correct answer is A
No explanation has been provided for this answer.
In a period of inflation, which of the following method normally gives a closing closing stock?
FIFO
LIFO
Simple average
Periodic simple average
Correct answer is A
No explanation has been provided for this answer.
N1280
N1184
N1024
N960
Correct answer is A
No explanation has been provided for this answer.