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.
Which of the following is not a method of charging goods to the branch by its head office?
Net realizable value
Cost price
Cost-plus profit
Selling price
Correct answer is B
No explanation has been provided for this answer.
In the preparation of financial statements, full disclosure of minor events are ignored in line with
Accrual concept
Money measurement concept
Business entity concept
Materiality concept
Correct answer is D
No explanation has been provided for this answer.
The accounting entries when goods are sold on credit at the branch are debit
Branch Debtors Account; credit Sales Accounts
Branch Current Account; credit Head Office Current Account
Branch Debtors Account; credit Head Office Current Account
Head Office Current Account; credit Sales Accounts
Correct answer is B
No explanation has been provided for this answer.
The original record containing the details of a transaction which serves as a basis for posting is
general ledger
source document
subsidiary book
trial balance
Correct answer is C
No explanation has been provided for this answer.
A branch that keeps its own records prepares the records of transactions with the head office in the
Branch Current Account
Branch Stock Account
Head Office Current Account
Profit and Loss Account
Correct answer is A
No explanation has been provided for this answer.