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.
Le 47,025
Le 46,550
Le 45,600
Le 45,500
Correct answer is D
No explanation has been provided for this answer.
A credit purchase of N200 from Osae was posted to the account of Osei. This is an error of
Principle
Commission
Omission
Original entry
Correct answer is B
No explanation has been provided for this answer.
The double entry for interest on drawings by a partner is: debit
Partner's Current Account; credit Appropriation Account
Profit and Loss Account: credit Interest Account
Appropriation Account credit Partner's Current Account
Interest Account: credit Profit and Loss Account
Correct answer is A
No explanation has been provided for this answer.
When bank charges are discovered in a bank statement, the adjustment is effected in the
Bank reconciliation statement
Cash book
Suspense account
Bank loan account
Correct answer is B
No explanation has been provided for this answer.
A debit entry in a fixed asset account represents
An increase in the fixed asset account
A decrease in the fixed asset account
A profit on disposal of the fixed asset
A loss on disposal of the fixed asset
Correct answer is A
No explanation has been provided for this answer.