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 date lines is correct for a profit and loss account?
For the year ended 31st December 2009
As 31st December 2009
For the period 31st December 2009
As at the year 2009
Correct answer is A
No explanation has been provided for this answer.
Provision for depreciation on delivery van is charged to
Trading account
Profit and loss account
Appropriation account
Manufacturing account
Correct answer is B
No explanation has been provided for this answer.
The concept which states that assets are not to be recorded at their current market value is
money measurement
Materiality
Cost
Entity
Correct answer is C
No explanation has been provided for this answer.
Which of the following is not used in Public accounting?
Cash book
Trial balance
Profit and loss account
Bank reconciliation statement
Correct answer is C
No explanation has been provided for this answer.
Seperates the owner's transactions from the business transactions
Records transactions outside the business
Does not seperate the owner's trasactions from the business transactions
Involves other business transactions
Correct answer is A
No explanation has been provided for this answer.