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.
A disadvantage of single entry system of book-keeping is that
The profit for the period is reduced
It is difficult to determine profit for the period
Total sales for the period is reduced
The owner of the firm withdraws money from the enterprise
Correct answer is B
No explanation has been provided for this answer.
Which of the following items will appear in the Total Creditors Account?
Discount allowed
Credit sales
Discount received
Cash purchases
Correct answer is A
No explanation has been provided for this answer.
The purpose of keeping Sales and Purchases Ledger Control Account is to
Match credit sales and credit purchases
Equate debtors balance to creditors balance
Verify total debtors and total creditors balances
Determine cash sales and cash purchases
Correct answer is C
No explanation has been provided for this answer.
In a manufacturing enterprise depreciation of plant is treated in the
Trading account
Profit and loss account
Manufacturing account
Appropriation account
Correct answer is C
No explanation has been provided for this answer.
The production cost of a manufacturing firm is made up of
Indirect materials
Factory overheads and prime cost
Direct materials and wages
Factory overheads and directs materials
Correct answer is B
No explanation has been provided for this answer.