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.
Net profit of a sole proprietor is transferred to the
Profit and loss account
Profit and loss appropriation account
Capital account
Drawings account
Correct answer is C
No explanation has been provided for this answer.
Use the information below to answer this question
Credited with application and allotment ₦187,500
Debited with application and allotment ₦375,000
Debited with application and allotment ₦187,500
Credited with application and allotment ₦375,000
Correct answer is D
No explanation has been provided for this answer.
Goods returned to the supplier is recorded in the accounts as: debit
Sales Returns Account; credit Suppliers' Account
Purchases Returns Account; credit Supplier's Account
Supplier's Account; credit Purchases Returns Account
Supplier's Account; credit Purchases Account
Correct answer is C
No explanation has been provided for this answer.
Reducing balance method charges depreciating as fixed percentage of the
net book value of asset
cost of asset
market value of asset
accumulated depreciation on asset
Correct answer is A
No explanation has been provided for this answer.
Use the information below to answer this question:
i and v
i and ii
ii and iv
iii and v
Correct answer is B
No explanation has been provided for this answer.