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 not a liability?
Accrued wages
Rent arrears
Prepayment
Insurance due but unpaid
Correct answer is C
No explanation has been provided for this answer.
The source document sent by the seller to the buyer when goods are returned is
Credit note
Purchase invoice
Sales invoice
Debit invoice
Correct answer is A
No explanation has been provided for this answer.
Rent Payable Account is an example of a
Nominal account
Real account
Personal account
Private account
Correct answer is A
No explanation has been provided for this answer.
A fixed amount of money set aside for petty expenses is
Imprest
Float
Receipt
Fund
Correct answer is B
No explanation has been provided for this answer.
Capital less current assets amounts to Liabilities
Assets less liabilities amount to capital
Fixed assets and current Liabilities amount to capital
Capital assets amount to liabilities
Correct answer is B
No explanation has been provided for this answer.