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.
The basis upon which assets of an organization is valued is the
Historical concept
Business entity concept
Periodicity concept
Materiality concept
Correct answer is A
The historical cost concept (also known as cost principle of accounting) states that the assets and liabilities of a business should be presented in accounting records at their historical cost.
Department store
Multiple store
Supermarket
Hypermarket
Correct answer is B
No explanation has been provided for this answer.
An unfavourable balance of trade for a country means that her?
Imports exceed exports
Visible exports exceed invisible import
Invisible exports exceed visible exports
Imports and exports are equal
Correct answer is A
No explanation has been provided for this answer.
N125,000
N500,000
N50,000
N25,000
Correct answer is C
No explanation has been provided for this answer.
i and iv only
i and iii only
ii and iii only
iii and iv only
Correct answer is B
No explanation has been provided for this answer.