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 rule of accounting equation requires that account payable should be placed under
Equities
Assets
Capital
Liabilities
Correct answer is D
No explanation has been provided for this answer.
In a control account, provision for bad debts is found on the
Credit side of the sales ledger control account
Debit side of the purchases ledger control account
Debit side of the sales ledger control account
Credit side of the purchases ledger control account
Correct answer is A
No explanation has been provided for this answer.
Use the following information to answer this question.
Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.
The net book value of the asset at 31/12/19 is
₦523,500
₦510,000
₦433,500
₦420,000
Correct answer is C
No explanation has been provided for this answer.
Use the following information to answer this question.
Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.
Depreciation for the year 2019 is
₦180,000
₦166,500
₦90,000
₦76,500
Correct answer is D
No explanation has been provided for this answer.
Acid test ratio of a firm measures the
profitability of a firm
capital adequacy of a firm
liquidity of a firm
quality of debtors of a firm
Correct answer is C
No explanation has been provided for this answer.