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 is a form of memorandum of association?
Names of directors
Appointment of directors
Object of the business
Payment of dividend
Correct answer is C
A memorandum of association contains a name clause, registered office clause, object (or objective clause), objects clause, liability clause, capital clause, and association clause. An MOA is a type of legal paper that is prepared when forming and registering a limited liability company (LLC).
The double entry to record the proceeds on disposal of assets in debit
Bank account; credit asset disposal account
Asset disposal account; credit bank account
Provision for depreciation account; credit asset disposal account
Asset disposal account; credit provision for depreciation account
Correct answer is C
Debit provision for Depreciation account (to remove the equipment's up-to-date accumulated depreciation), Credit the account Equipment (asset disposal account) to remove the equipment's cost.
Which of the following is not part of the central processing unit of a computer?
Arithmetical and lgical unit
Memory unit
Input unit
Control unit
Correct answer is C
Central processing unit (CPU), computer system, generally composed of the main memory, control unit, and arithmetic-logic unit.
Which of the following is not the purpose of a control account?
Check on errors of addition
Locate errors
Locate missing figures
Monitor the cash book
Correct answer is D
In accounting, the controlling account (also known as an adjustment or control account) is an account in the general ledger for which a corresponding subsidiary ledger has been created.
The details for each control account will be found in a related (but separate) subsidiary ledger. The control account keeps the general ledger free of details, but still has the correct balance for preparing the company's financial statements.
The excess of value of assets over the purchase consideration on acquisition of a business is to
Share capital account
Goodwill account
Capital reserved account
General reverse account
Correct answer is B
In accounting, goodwill is the value of the business that exceeds its assets minus the liabilities.