Below are the answers to the various topics on Basic accounting questions on:
basic accounting concepts,principles and double entry systems
subsidiary books
bank reconciliation statement
ledger accounts
final accounts
depreciation accounting
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Append below some questions to test the knowledge of those who have just studied topic on final accounts:
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Continue reading about True or False Accounting Test Paper(with answers) on Final Accounts
Append below some questions to test the knowledge of those who have just studied topic on ledger account:
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Continue reading about True Or False Accounting Test Paper (with answer) On Ledger Account
Append below some questions to test the knowledge of those who have just studied topic on bank reconciliation statement:
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Append below some questions to test the knowledge of those who have just studied topic on subsidary books:
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Append below some questions to test the knowledge of those who have just studied topic on accounting concepts and double entry system:
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QUESTION:Mr. A extracted a Trial Balance at 31 st December 2005 and found that it did not balance. He posted the difference to a Suspense Account. Later he found the following errors which accounted for the difference:
The total of $3,650 for Discount Allowed for the month of July’05 had been posted to the credit side [...]
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QUESTION:
Mr. Steven is a retailer whose accounting year ends on 30 June 2006. He has extracted a Trial Balance, before producing his final accounts and the following are some of the balance included in that Trial Balance:
Dr ($)
Cr ($)
Purchase Ledger Control Account
22,975
Insurance
486
Motor Vehicles at cost
21,379
Accumulated provision for depreciation of motor vehicle at 1 st July [...]
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QUESTION:Johnson & Co, a building and construction firm, commenced trading on 1 January Year 6. During the three years to 31 December Year 8, the company bought and sold motor vehicles for use in the business as follows:
Date
Registration No
Cost ($)
Date Of Disposal
Disposal Proceeds ($)
1 Feb Yr 6
E762
12,000
12 Apr Yr 8
6,000
4 May Yr 7
F134
14,000
12 Mar Yr [...]
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