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 is a fictitious asset?
Overdraft
Cash in hand
Reserves
Preliminary expenses
Correct answer is D
No explanation has been provided for this answer.
Which of the following explains the short term solvency of a company?
Acid test ratio
Debtor to equity ratio
Net profit margin ratio
Gross profit margin ratio
Correct answer is A
No explanation has been provided for this answer.
Direct material and direct labour cost
Direct material, direct labour and direct expenses
Direct material, direct labour, direct expenses overhead
Direct material and direct expenses
Correct answer is B
No explanation has been provided for this answer.
Which of the following is not an example of a fictitious asset?
Raw materials stock
Debit balance of profit and loss account
Preliminary expenses of a limited company
Expenditure on incorporation carried forward
Correct answer is A
No explanation has been provided for this answer.
Which of the following has a debit balance at the end of the year?
Rates prepaid account
Bank loan account
Income received in advance account
Ordinary share capital account
Correct answer is A
No explanation has been provided for this answer.