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 items is found on the debit side of the trial balance?
Provision for doubtful debts
Discount allowed
Discount received
Returns outwards
Correct answer is B
It has our assets, expenses, and drawings on the left (the debit side). The discount allowed is an expense and it is posted on the debit side of the trial balance.
One of the characteristics of useful accounting information is------
Profitability
Comparability
Efficiency
Liquidity
Correct answer is B
The four major qualitative characteristics of useful accounting information are comparability, verifiability, timeliness, and understandability.
Investors in a business are mainly interested in firm's-------
Liquidity
Debt
Management
Profitability
Correct answer is D
The most important thing investors want to see in a firm it invested in is the return on their investment, investors are mostly interested in how profitable a business venture is.
₦250
₦570
₦850
₦600
Correct answer is D
No explanation has been provided for this answer.
Use this information below to answer this question
₦535,650
₦628,300
₦647,600
₦106,400
Correct answer is C
No explanation has been provided for this answer.