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 effect of the payment of liability is that it
Increase both assets and liabilities
Increase assets and decrease liabilities
Decrease assets and increase liabilities
Decrease both assets and liabilities
Correct answer is D
No explanation has been provided for this answer.
Credit note
Debit note
Invoice
Voucher
Correct answer is A
No explanation has been provided for this answer.
The instrument that are generated when firms enter into business transactions with others are called
Purchase document
Journals
Source documents
Invoices
Correct answer is C
No explanation has been provided for this answer.
Creditors use Accounting information for the purpose of
Planning sales to a company
Controlling a company's affairs
Investing in a company
Assessing a company's liquidity
Correct answer is D
No explanation has been provided for this answer.
In preparing accounting records, the owner of a business and the business are treated as
The same person
Having business relationship
Separate legal entities
Partners
Correct answer is C
No explanation has been provided for this answer.