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.
When a proprietor withdraws cash from the business for private use, he
Debits cash account and credits drawings account
Credits cash account and debits bank account
Debits bank account and credits drawings account
Credits cash account and debits drawings account
Correct answer is D
No explanation has been provided for this answer.
A bookkeeping error occurs when there is
A deliberate manipulation of records
Unintentional correct posting in the ledger
Intentional failure to record transactions completely
Incorrect records and oversights that are not intended
Correct answer is D
No explanation has been provided for this answer.
The need for changes in accounting theory in Nigeria was influenced by the
Dynamics of commercialization and privatization policies
Growth in size of business units
Introduction of the structural adjustment programme
Inconvertibility of the nation's currency
Correct answer is B
No explanation has been provided for this answer.
The basic role of accounting is to
Detect fraud
Attest to finacial statements
Measure performance
Protect shareholders
Correct answer is B
No explanation has been provided for this answer.
Accrual concept stipulates that
Revenue should be recognized when it is earned
Costs should be recognized when the expenditure is paid
Revenue should be recognized only when cash is paid
Costs should be recognized when the are incurred
Correct answer is A
No explanation has been provided for this answer.