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 non-for-profit making organization, the cash book is referred to as
Income and expenditure account
Receipts and payments account
Two column cashbook
Petty cash book
Correct answer is B
"A receipt and payment account is a summarized cash book (cash and bank) for a given period" prepared by Non-profit organizations (also called non-trading concerns) at the end of year.
When the going concern concept is no longer applicable, the fixed assets are recorded at their
Net book value
Realizable value
Gross value
Revalued amount
Correct answer is D
When an asset is sold that has previously been revalued, the revaluation within the carrying value is debited to the Revaluation Reserve. When assets are revalued, every Balance Sheet shall show for a specified period of years, the amount of increase/decrease made in respect of each class of assets.
The process of detecting, tracing and eliminating errors in a computer program is
Reproduction
Debugging
Sorting
Retrieving
Correct answer is B
No explanation has been provided for this answer.
A set of instrument or programs which controls the operation of a computer is
Software
Hardware
Monitor
Keyboard
Correct answer is A
Software is a set of instructions, data or programs used to operate computers and execute specific tasks. Opposite of hardware, which describes the physical aspects of a computer, software is a generic term used to refer to applications, scripts and programs that run on a device.
Reserve
Goodwill
Freehold
Valuation price
Correct answer is B
Goodwill is recorded when a company acquires (purchases) another company and the purchase price is greater than the fair value of the identifiable tangible and intangible assets therein.