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.
When a fixed asset is fully depreciated, its net book value is
Equal to its original cost
Twice its original cost
Equal to its current market value
The difference between its cost and market value
Equal to zero
Correct answer is E
No explanation has been provided for this answer.
Close its account in the ledger
Give it out as a collateral
Turn it to cash
Open its account in the ledger
Mortage it
Correct answer is C
No explanation has been provided for this answer.
Uche returned goods worth N1,500 to Udo. Uche should receive
An invoice
A statement of account
A debit note
A credit note
Goods received note
Correct answer is D
No explanation has been provided for this answer.
ii and iii
i and iii
iii
ii
i
Correct answer is A
No explanation has been provided for this answer.
An accrual
A provision
A current liability
A long-term liability
A current asset
Correct answer is C
No explanation has been provided for this answer.