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.
The starting point for the production of accounts from incomplete records is to
Ascertain the total sales
Compute the opening stock of goods sold
Verify the total purchase
Prepare an opening statement of affairs
Correct answer is D
No explanation has been provided for this answer.
N509,600
N482,600
N428,600
N418,400
Correct answer is B
No explanation has been provided for this answer.
Sales ledger control account contains the total amount in respect of
Creditors
Debtors
Investors
Shareholders
Correct answer is B
No explanation has been provided for this answer.
Why are adjustments in the profit and loss account necessary?
To cover some expenses of the following year
To ascertain the actual expenses incurred and income earned during the year
To show the provision made during the year
To show the total expenses paid and income received during the year
Correct answer is B
No explanation has been provided for this answer.
N1,680 Dr
N1,080 Cr
N600 Dr
N480 Cr
Correct answer is D
No explanation has been provided for this answer.