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.
In a manufacturing company, the total cost of goods produced is equivalent to?
Purchases
Sales
Cost of goods sold
Cost of materials used
Correct answer is A
No explanation has been provided for this answer.
An expenses account is closed by a debit to
An asset account and a credit to the expenses account
The expenses account and a credit to an asset account
Profit and loss account and a credit to the expenses account
The expenses account and a credit to profit and loss account
Correct answer is C
No explanation has been provided for this answer.
Which of the following errors will affect the trial balance total?
Posting disscount allowed to the debit side of the discount allowed account
Omission of one account from the list when extracting from the ledger
Failure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger
Omission of sales of N3,000 and purchases of N2,000
Correct answer is C
No explanation has been provided for this answer.
Date, narration, folio, debit, and purchases
Date, narration, folio, debit and purchase
Folio, credit, date, debit and sales
Debit, credit, narration, and date
Correct answer is D
The general ledger contains the date of the transaction, a description of the details of the transactions, the debit column that shows all the debit entries, the credit column that records all the credit entries of the account.
Hence we have; date, description, debit, and credit column
Four column
Three column
Single column
Two column
Correct answer is C
No explanation has been provided for this answer.