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.
The assumption that a business has perpetual existence is recognized by
Entity concept
Periodicity concept
Going-concern concept
Realisation concept
Correct answer is C
No explanation has been provided for this answer.
Authorized capital
Registered capital
Issued capital
Nominal capital
Correct answer is D
No explanation has been provided for this answer.
Omission
Original entry
Principle
Commission
Correct answer is C
No explanation has been provided for this answer.
In single entry and incomplete records, the net assets method used to ascertain profit is
Net asset at the end of a period - net assets at the begining of a period = profit + additional capital - drawings
Net asset at the end of a period - net asset at the beginig of a period = profit - additional capital - drawings
Net asset at the end of a period - net asset at the begining of a period - drawings
Net asset at the end of a period + additional capital - drawings
Correct answer is A
No explanation has been provided for this answer.
₦14,078
₦10,290
₦8,520
₦3,554
Correct answer is B
No explanation has been provided for this answer.