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 not an input device?
Card reader
Paper top reader
Alpha-numeric keyboard
Line partnership
Correct answer is D
In computing, an input device is a piece of equipment used to provide data and control signals to an information processing system such as a computer or information appliance. Examples of input devices include keyboards, mouse, scanners, digital cameras, joysticks, and microphones.
Rent accrued in 2009 was D140, in 2010, D900 was paid while D160 was outstanding. Rent for 2010 was
D1,200
D1,060
D920
D880
Correct answer is C
Accrued rent = 140
900 - 140 = 760
760 + 160 = 920
Going concern
Entity
Consistency
Realization
Correct answer is D
The realization principle is the concept that revenue can only be recognized once the underlying goods or services associated with the revenue have been delivered or rendered, respectively. Thus, revenue can only be recognized after it has been earned.
Which of the following is a component of prime cost?
Depreciation
Royalty
Factory rent
Factory electricity
Correct answer is D
Direct materials are one of the main components of prime costs and include raw materials and supplies that are consumed directly during the production of goods. In production, electricity is required to aid the process. This makes it a part of the prime cost
Ordinary partner
Limited partner
Dormant partner
Nominal partner
Correct answer is C
Dormant partner is a partner who contributes capital and takes no share in the active business of a company or partnership, but is entitled to a share of the profits, and subject to a share in losses; They are also called sleeping partner or silent partner.