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.
Bank charges
Uncleared cheques
Returned cheques
Unpresented cheques
Correct answer is D
No explanation has been provided for this answer.
When is a petty cash account debited?
When the fund is established and every time money is spent
When the fund is established and every time it is replenished
When the fund is established and when the size of the float is decreased
Every time money is drawn from the petty cash
Correct answer is B
No explanation has been provided for this answer.
Are not important in cashbooks
Are cash items only
Do not form part of double entry
Are used for bank reconciliation
Correct answer is C
No explanation has been provided for this answer.
The suspense account is used to correct book-keeping error where the
Amount involved is quite significant
Item involved is not material
Item involved is unknown
Error does not affect the agreement of the trial balance
Correct answer is C
Suspense accounts are used when your trial balance is out of balance or when you have an unidentified transaction. The suspense account is a general ledger account that acts as a holding account until the error is discovered or the unknown transaction is identified.
The use of the folio in the ledger is for
Referencing purposes
Particulars of the transaction
The account titles
Only credit items
Correct answer is A
The folio number is a way to reference a bookkeeping entry, most often numbered in chronological or sequential order.