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 principle of double entry system ensures?
Mathematical accuracy in trial balance
Balances at the bank
Increase in the assets and liabilities
Balance of cash account
Correct answer is A
No explanation has been provided for this answer.
In a trial balance, income and liabilities are?
Debited and credited respectively
Credited
Credited and debited respectively
Debited
Correct answer is B
No explanation has been provided for this answer.
The historical development of accounting reveals that it?
Deals with debit and credit of items
Is a product of financial development
Is a product of its own environment
Is an ideal subject for financial development
Correct answer is A
No explanation has been provided for this answer.
As evidence of payments to a government ministry, the revenue collectors will issue?
Treasury receipt
Receipts voucher card
Treasury card
Stores receipts voucher
Correct answer is B
A receipt voucher is a type of voucher which is typically issued by a certain business or an organization upon receiving payment in cash or check during a business transaction.
An increase in government expenditure within a year is taken care of by means of
Financial regulations
Retirement
Warrant
Supplementary estimate
Correct answer is D
Supplementary Budget / estimate is the request for additional funds by Ministries and Departments during the course of the year.