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 major function of accounting bodies in Nigeria is to?
Provide proper financial management of businesses
Provide good remuneration to the members
Promote the ethics of the profession
Show the dynamic nature of the profession
Correct answer is C
No explanation has been provided for this answer.
One of the reasons for the existence of the public sector is to?
Take adequate care of the needy
Supplement the commercial sector
Provide cheap services to all citizens
Correct perceived inequalities
Correct answer is C
Purpose of public sector is to provide public services. This include public goods and governmental services such as the military, police, public education along with health care and those working for the government itself. These services are provided at a cheap and affordable rate to the citizens.
Which of the following is credited to the consolidated revenue fund?
Recurrent expenditure
Capital expenditure
Transfer to revenue fund
International revenue
Correct answer is A
The Consolidated Revenue Fund is an account that is owned and managed by the Federal Government, where all its revenues are paid.
Remember in account we debit all incomes and credit all expenses. Recurrent expenditures would be credited to the consolidated fund. showing monies that have gone out of the fund.
Recurrent expenditure is expenditure, which does not result in the creation or acquisition of fixed assets (new or second-hand). It consists mainly of expenditure on wages, salaries and supplements, purchases of goods and services .
Replacement and renewal of fixed assets are?
Revenue receipt
Capital receipt
Capital expenditure
Revenue expenditure
Correct answer is C
Capital expenditures are money spent by a business or organization on acquiring or maintaining fixed assets, such as land, buildings, and equipment.
Expenditure incurred on consumables and goods for resale is?
Revenue expenditure
Capital expenditure
Sunk cost
Miscellaneous expenses
Correct answer is A
Revenue expenses are incurred when a company purchases products or services necessary for generating revenue in the short term. They include overhead cost, maintenance cost of plants and equiptment.