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 ratios measure the ability of a firm to meet short-term obligations?
Net profit margin
Quick asset ratio
Turnover
Creditors ratio
Correct answer is B
No explanation has been provided for this answer.
The correct order of liquidity is
Stock, debtors, prepayments and cash
Cash, payments, debtors and stock
Stock, cash, debtors and preyaments
Debtors, stock, cash and prepayments
Correct answer is A
No explanation has been provided for this answer.
When both debit and credit entries of a transaction are shown in the cash book, it is described as
Contra entry
Reversal entry
Double entry
Single entry
Correct answer is A
No explanation has been provided for this answer.
Books of account are opening by means of a
purchases journal
principal journal
sales journal
returns inward journal
Correct answer is B
No explanation has been provided for this answer.
Direct material + direct expenses is
overhead
prime cost
total cost
conversion cost
Correct answer is B
No explanation has been provided for this answer.