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.
Which of the following statements is not true of a non-profit making organization?
Income and expenditure account is prepared
Income and expenditure account excludes accruals and prepayments
Income and expenditure account excludes capital receipts and capital payments
Receipts and Payments account is a substitute for expenditure account
Correct answer is D
No explanation has been provided for this answer.
Consolidated fund
Recurrent fund
Accumulated fund
Working capital
General reserve
Correct answer is C
No explanation has been provided for this answer.
The trading account is usually headed
For the year ended............19 x 1
For............19 x 1
As.............19 x 1
As at.........19 x 1
...................19 x 1
Correct answer is A
No explanation has been provided for this answer.
i
ii
iii
i, ii and iii
i and ii
Correct answer is E
No explanation has been provided for this answer.
N42,500
N40,500
N40,000
N38,000
N32,000
Correct answer is C
No explanation has been provided for this answer.