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 goodwill is
Amortization
Appreciation
Depletion
Depreciation
Correct answer is A
No explanation has been provided for this answer.
Another name for owner's equity is
Loan
Debtors
Capital
Overdraft
Correct answer is C
No explanation has been provided for this answer.
Expenses accured at the end of the accounting year is treated in the balance sheets as
Current assets
Current liability
Fixed assets
Long-term liability
Correct answer is B
No explanation has been provided for this answer.
Which of the following is a capital expenditure?
Extension of building
Repairs of generator
Purchase of stock
Purchase of stationery
Correct answer is A
No explanation has been provided for this answer.
The two fundamental books of accounting are
Return inwards and outwards
Journal and ledger
Discounts allowed and received
Credit note and debit note
Correct answer is B
No explanation has been provided for this answer.