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.
Loan
Stock
Drawings
Sales
Correct answer is C
No explanation has been provided for this answer.
Companies issue shares to the public in order to
Reduce the number of directors
Reduce the number of shareholders
Raise capital
Generate profit
Correct answer is C
No explanation has been provided for this answer.
When bank charges are deducted from a customer's account, the balance on the bank statement would be
More than the cash book balance
Less than the cash book balance
Equal to the cash book balance
Added to the cash book balance
Correct answer is B
No explanation has been provided for this answer.
Where fixed capital account is maintained, partners Share of profit is transferred to the
Debit side of the capital account
Credit side of the capital account
Credit side of partner's current account
Debit side of partners current account
Correct answer is C
No explanation has been provided for this answer.
When closing stock is undervalued, the cost of goods sold would be
Overstated and the gross profit understated
Understated and the gross profit overstated
Understated and the gross profit overstated
Understated and the gross profit understated
Correct answer is A
No explanation has been provided for this answer.