Accounting questions and answers

Accounting Questions and Answers

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.

2,781.

A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.

The balance of the payments account is?

A.

N24,000

B.

N22,000

C.

N14,000

D.

N8,000

E.

NO OPTION INDICATED

Correct answer is E

No explanation has been provided for this answer.

2,783.

Subscription received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000

The N6,000 subscription received is?

A.

Current asset

B.

Current liability

C.

Fixed asset

D.

Capital

Correct answer is B

No explanation has been provided for this answer.

2,784.

Lubricating oil and spare parts of machinery are examples of?

A.

Direct materials

B.

Indirect materials

C.

Indirect expenses

D.

Direct expenses

Correct answer is C

No explanation has been provided for this answer.