Accounting questions and answers

Accounting Questions and Answers

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.

326.

The interest on partner's loan is

A.

credited in current account

B.

debited in profit and loss account

C.

credited in profit and loss account

D.

debited in current account

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

327.

The principle of double entry system ensures

A.

balances at the bank

B.

increase in the assets and liabilities

C.

balance of cashbook

D.

mathematical accuracy in trial balance

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

328.

Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 
₦180,000 it is however discovered that revenue of 
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

The revenue to be added as an adjustment is

A.

₦34,000

B.

₦4,000

C.

₦30,000

D.

₦15,000

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

329.

Use the information below to answer this question

At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 

₦180,000 it is however discovered that revenue of 

₦15,000 is recorded as expenses while expenses of

₦4,000 is recorded as revenue.

 

The revenue to be added as an adjustment is

A.

₦34,000

B.

₦4,000

C.

₦30,000

D.

₦15,000

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

330.

Use the information below to answer this question

At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 

₦180,000 it is however discovered that revenue of 

₦15,000 is recorded as expenses while expenses of

₦4,000 is recorded as revenue.

 

Determine the adjusted net profit

A.

₦202,000

B.

₦210,000

C.

₦195,000

D.

₦184,000

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.


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