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.
N33,333
N40,000
N44,444
N50,000
Correct answer is A
No explanation has been provided for this answer.
Their current fair market values
Their historical costs when first use
Their historical costs when first purchase by each new partner
The highest values practical so that future income tax deductions are maximized
Correct answer is A
No explanation has been provided for this answer.
i and ii only
i, ii and iii only
i, iii and iv only
ii, iii and iv only
Correct answer is C
No explanation has been provided for this answer.
A non-profit-making organization differs from a profit-making one in that?
It does not earn income
Proceeds from sale of shares form part of its income
All its income is committed
Annual subscriptions and levies form part of its income
Correct answer is D
No explanation has been provided for this answer.
The trading account is to a sole trader what income and expenditure account is to a?
Partnership
Public limited organization
Manufacturing organization
Non-profit making organization
Correct answer is D
No explanation has been provided for this answer.