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.
One of the the differences between bookkeeping and accounting is that the former
Records data while the latter interprets
Is regarded as the language of the business while the latter ascertains its strenght
Interprets data while the latter records it
Summarises information while the latter communicates it
Correct answer is A
No explanation has been provided for this answer.
An instrument which allows public officers to increase expenditure within a year is
Statutory allocation
Supplementary budget
Virement
Warrant
Correct answer is B
Supplementary Budget is the request for additional funds by Ministries and Departments during the course of the year.
#10,994,500
#17,394,500
#18,774,500
#18,874,500
Correct answer is A
No explanation has been provided for this answer.
Accountant-general of the federation is responsible for
The general supervision of all auditing personnel in all the ministeries
The compilation of annual financial statement
The interpretation of rules and regulations affecting the private sectors
Ensuring the efficient operation of the ministries
Correct answer is B
The Accountant-General is vested with the duties of: receiving, keeping and disbursement of government funds; recording and reporting of government financial transactions; exercising supervisory powers over other ministries in terms of financial matters; managing government investments etc.
The debenture issued at par above the nominal value is said to be issued at a
Cost price
Mark-up
Premium
Margin
Correct answer is C
If debentures are issued at a price more than its nominal value (face value) such an issue is called issue at a premium.