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.
Subscription in advance is treated in the Balance sheet of non-profit making organizations as
Current asset
Fixed asset
Current liability
Accumulated fund
Goodwill
Correct answer is C
No explanation has been provided for this answer.
Undercasting of purchase
Overcasting of purchases
Original entry
Transportation of returns outwards
Omission of creditor's balance
Correct answer is A
No explanation has been provided for this answer.
Which of the following is true in Public sector accounting? Cost of assets is
Depreciated on straight line method
Depreciated on reducing balance method
Expensed in the year of purchase
Charged to federation account
Not recognized in any form
Correct answer is C
No explanation has been provided for this answer.
The loss made by a non-trading organization is called
Surplus
Drawing
Deficit
Shortage
Discount
Correct answer is C
No explanation has been provided for this answer.
Discount allowed is charged to
Profit and loss appropriation account
Manufacturing account
Trading account
Profit and loss account
Current account
Correct answer is D
No explanation has been provided for this answer.