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.
Capital and revenue expenditures of government are usually accounted for under funds which include
A personal advances, technical, special trust
Technical, special trust and commercial funds
Personal advances, treasury clearance and special trust funds
Commercial loans and treasury clearance funds
Correct answer is A
No explanation has been provided for this answer.
What is the correct entry in the head office books at the point of initial transfer of the goods?
Branch stock account would be credited
Branch stock account would be debited with N12,000
Goods sent to branch account would be debited with N10,800
Goods sent to branch account would be credited with N12,000
Correct answer is D
No explanation has been provided for this answer.
Debit to goods sent to branch account
Debit to branch stock adjustment account
Credit to branch adjustment account
Credit to branch stock adjustment account
Correct answer is D
No explanation has been provided for this answer.
To record the transfer of stock from one department to another, the correct entry would be to debit?
Goods outwards and credit goods inwards
Merchandise account and credit department stock account
Department transfering and credit department receiving
Department receiving and credit department transfering
Correct answer is D
No explanation has been provided for this answer.
The best method of allocating expenses among departments is to
Allocate expenses to each department in proportion to the sales of that department
Charge against each department those costs which are within its control
Charge expenses against each department in proportion to the purchases of that department
Allocate expenses to each section of the department in relation to the number of people
Correct answer is B
No explanation has been provided for this answer.