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.
Impersonal account is subdivided into
Real and nominal accounts
Nominal and personal accounts
Real and current accounts
Personal and real accounts
Correct answer is A
IMPERSONAL ACCOUNTS represents accounts other than Personal Accounts. This may be sub-classified into:
a. Real Accounts, e.g. Asset Account; and,
b. Nominal Accounts, e.g. Income and Expenditure Accounts.
The costs of acquiring fixed assets and bringing them into the firm is a
General expenses
Recurrent expenditure
Revenue expenditure
Capital expenditure
Correct answer is D
Capital expenditure; money spent by a business or organization on acquiring or maintaining fixed assets, such as land, buildings, and equipment.
A discount that is allowed to encourage a debtor to pay off his debt within a period is the
Annual discount
Trade discount
Periodic discount
Cash discount
Correct answer is D
A cash discount is a deduction allowed by some sellers of goods or by some providers of services in order to motivate customers to pay within a specified time. The cash discount is also referred to as an early payment discount.
Current account
Profit and loss account
Profit and loss appropriation account
Capital account
Correct answer is D
The partnership capital account is an equity account in the accounting records of a partnership. It contains the following types of transactions:
N7,425
N7425
N7,625
N7,925
Correct answer is A
No explanation has been provided for this answer.