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 reduction in value of an intangible asset is
Depletion
Depression
Amortisation
Appreciation
Correct answer is C
No explanation has been provided for this answer.
Subscription prepared by members is recorded in the balance sheet of a club as a
Current liability
Current asset
Fixed asset
Long term liability
Correct answer is A
No explanation has been provided for this answer.
In the absence of an agreement, partners share profits
Based on activeness of a partner
Based on capital contribution
On patronage basis
On equal basis
Correct answer is D
No explanation has been provided for this answer.
As a basis for assessing future usage, fixed assets are shown at
Selling price
Cost price
Cost plus residual value
Net book value
Correct answer is B
No explanation has been provided for this answer.
Sales day book
Cash book
Purchase day book
General journal
Correct answer is B
No explanation has been provided for this answer.