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 debit balance of N420 on the purchases ledger control account means that the
Trade creditors were overpaid by N420
Trade creditors are owed N420
Goods returned to trade creditors amounted to N420
Total supplies from trade creditors amounted to N420
Correct answer is A
No explanation has been provided for this answer.
The document which serves as the authority to incur expenditure in the public sector is
Warrant
Vote
Budget
Voucher
Correct answer is A
No explanation has been provided for this answer.
In a situation of incomplete records, profit is determined as
Closing capital drawings opening capital
Closing capital- drawings-opening capital
Closing capital drawings - opening capital
Closing capital drawings + opening capital
Correct answer is C
No explanation has been provided for this answer.
Returns outwards journal
Returns inwards Journal
Purchase journal
General journal
Correct answer is A
No explanation has been provided for this answer.
Le 2,500
Le 2,475
Le 2,450
Le 1,000
Correct answer is A
No explanation has been provided for this answer.