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.
The accounts maintained in the nominal ledger are
Liabilities and capital
Assets and liabilites
Income and capital
Expenses and income
Correct answer is D
Nominal accounts are accounts in which income and expenditure are recorded. It relates to gains, losses, income, expenses e.g discount accounts, sales accounts etc.
Profit distributed to ordinary shareholders of a limited liability company is
Dividend
Interest
Surplus
Reserve
Correct answer is A
Dividend is the proportion of the company's profit which is distributable to the shareholders.
The accounting concept which is the basis upon which assets of a business are valued is the
Dual aspect concept
Consistency concept
Accrual concept
Historical concept
Correct answer is D
Historical concept is also known as Cost concept. This cost implies that the accountant determines the value of an asset by reference to the cost of its acquisition and not by the value of returns which are expected to be earned.
Danladi Bako's Statement of Affairs as at 30/06/17
| ₦ |
₦ |
||
| Capital | ?? | Fixtures and fittings | 4,000 |
| Stock | 20,500 | ||
| Sundry debtors | 40,000 | ||
|
Creditors |
18,000 | Bank | ?? |
| 78,650 | 78,650 |
What is his bank balance as at 30/06/17?
₦14,150
₦18,500
₦15,300
₦65,150
Correct answer is A
Bank balance = 78,650 - ( 4000 + 20500 + 40000)
= 78650 - 64500
= ₦14,150
Which of the following concepts recognizes the principle of double entry?
Business entity
Accrual
Going concern
Dual aspect
Correct answer is D
Dual aspect concept ensures the mathematical accuracy of all records. It states that there are two aspects of accounting: one debit and one credit.