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.
In a partnership business, the net profit serves as opening figure for
Trading account
Profit and loss account
Current account
Appropriation account
Correct answer is D
No explanation has been provided for this answer.
Business entity
Realization
Going concern
Dual-aspect
Correct answer is A
No explanation has been provided for this answer.
An analytical cash book is used to
Indicate source of cash received
Categorise petty cash payment
Separate cash and bank balance
Analyse amounts due from debtors
Correct answer is C
No explanation has been provided for this answer.
A sales Day book is used for recording
Credit sales
Sales returns
Hire purchase
Cash sales
Correct answer is A
No explanation has been provided for this answer.
Which of the following is the basis accounting equation?
Assets = capital + liabilities
Capital = assets + liabilities
Liabilities = assets + capital
Assets = liabilities + equity
Correct answer is A
No explanation has been provided for this answer.