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.
One major advantage of ledger is that it
Is a book of original entry
Is only accessible to share holders during liquidation
Removes the need for preparing a balance sheet after each transaction
Can be used by any type of business
Correct answer is D
No explanation has been provided for this answer.
Cash account was credited with N500,000 and capital account was debited with N500,000
Bank account was debited with N500,000 and capital account was credited with N500,000
Bank account was accredited with N500,000
Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000
Correct answer is B
No explanation has been provided for this answer.
Which of the following transaction is BEST recorded in the general journal?
Payment of rent with cheque
Purchase of stock with cash
Purchase of an asset on credit terms
Transfer of cash from head office branch
Correct answer is D
No explanation has been provided for this answer.
N19,650
N18,650
N17,850
N16,850
Correct answer is B
No explanation has been provided for this answer.
Which of the following accounting records are source documents?
Journal and ledgers
Sales invoice and cash book
Cash book and debit note
Sales invoice and debit note
Correct answer is D
No explanation has been provided for this answer.