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.
General partner
Sleeping partner
Quasi partner
Limited partner
Correct answer is A
No explanation has been provided for this answer.
The objective of preparing departmental account is to determine the
sales of each department
total cost attributable to each department
capital employed by each department
profitability of each department
Correct answer is C
No explanation has been provided for this answer.
Use the following information to answer this question
₦
Creditors (01/01/19) 223,000
Creditors (31/12/19) 316,000
Credit purchases 1,426,000
Discount received 64,000
Company's cheque dishonoured 90,000
Amount owed to creditors on 31/12/19 is
₦406,000
₦342,000
₦316,000
₦226,000
Correct answer is C
No explanation has been provided for this answer.
Use the following information to answer this question
₦
Creditors (01/01/19) 223,000
Creditors (31/12/19) 316,000
Credit purchases 1,426,000
Discount received 64,000
Company's cheque dishonoured 90,000
₦ 1,423,000
₦ 1,359,000
₦ 1,333,000
₦ 1,295,000
Correct answer is C
No explanation has been provided for this answer.
An amount set aside out of profit for a specific purpose is a
Reserve
Liability
Provision
Discount
Correct answer is A
No explanation has been provided for this answer.