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.
Accounting standards are issued at the International level by the
Standards Advisory Council
International Accounting Standards Board
Nigerian Accounting Standards Board
Standing Interpretations Committee
Correct answer is B
Accounting standard is a statement issued by the appropriate standard - setting body locally or internationally on a specific area or topic in Financial Accounting.
Accounting standards are issued at the International level by the International Accounting Standards Board (IASB) - formerly International Accounting Standards Committee (IASC).
The importance of bank statement is all except
Verifies the accuracy of balances of cash book and cheque book
Helps to detect and rectify any error
Helps to debit an account
Helps to update the cash book
Correct answer is C
Bank statement is prepared by the bank to an account border showing the transactions between the customer and the bank within a period of time. It is usually issued monthly or at agreed intervals to the customers.
Additional capital Capital Closing capital Net profit |
₦ 4000 8000 12000 1500 |
The drawings for the period stand at
1500
3000
12,000
10,500
Correct answer is A
Using the formula:
OC + AC + NP - D = CC
where: OC = Opening Capital
AC = Additional Capital
NP = Net Profit
D = Drawings
CC = Closing Capital
Then;
8000 + 4000 + 1500 - D = 12,000
13,500 - D = 12,000
D = 13,500 - 12,000
D = ₦1500
The two recognised accounting bases are
Cash and credit
Personal and impersonal
Accrual and Cash
Drawings and Private
Correct answer is C
Accounting bases are the totality of method adopted by an enterprises for applying fundamental accounting concepts to its Financial transactions. However, the two bases are cash and Accrual basis
Realisation concept
Entity concept
Going concern concept
Matching concept
Correct answer is B
The entity concept ensures that only the expenses incurred by/for the business, incomes earned by the business, assets acquired for the business and liabilities owed by the business are respectively recorded as expenses, incomes, assets and liabilities in the books of the business.