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.
Draw up the statement of affairs
Draw up a T-account to establish the amount
Compare the journal entries with the cash book
Cross-check the cash book for further information
Correct answer is A
No explanation has been provided for this answer.
In an incomplete record system a trading account cannot be prepared until the
Day book has been balanced
Amount of personal drawings has been established
Cash book has been balanced
Amount as sales and purchases has been established
Correct answer is D
No explanation has been provided for this answer.
In a control account, discount received is found on the
Debit side of the purchase ledger control account
Debit side of the sales ledger control account
Credit side of the purchase ledger control account
Credit side of the sales ledger control account
Correct answer is A
No explanation has been provided for this answer.
N8500 profit
N2000 loss
N2000 profit
N8500 loss
Correct answer is C
No explanation has been provided for this answer.
Which method of pricing can be used satisfactorily in either a rising or falling price situation?
Standard price
Marketing price
FIFO
Average method
Correct answer is D
No explanation has been provided for this answer.