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 principle use of control accounts is to
Localize error within the ledger
Prevent fraud
Increase sales
Record assets and liabilities
Correct answer is A
No explanation has been provided for this answer.
The process of allocating the cost of an intangible assets over its useful life is known as
Depreciation
Extraction
Depletion
Amortization
Correct answer is A
No explanation has been provided for this answer.
The records of wages due but not yet paid is an example of an adjustment for
Apportionment of revenue between two periods
Recognizing accrued expenses
Recognizing unaccounted revenue
Recognizing prepaid expenses
Correct answer is B
No explanation has been provided for this answer.
N19,500
N18,500
N17,900
N15,900
Correct answer is D
No explanation has been provided for this answer.
N45,000
N35,000
N25,000
N15,000
Correct answer is B
No explanation has been provided for this answer.