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.
Materiality
Objectivity
Consistency
Conservatism
Correct answer is D
No explanation has been provided for this answer.
Passing of entries
Consistency convention
Matching concept
Adjusting for revenue
Correct answer is C
No explanation has been provided for this answer.
The term "accounting period" is used to refer to the
Time span during which taxes are paid to the inland revenue board
Budget period, usually one year, relied on by the accountant
Time span, usually one year, covered by financial statement
Period within which debtors are expected to settle accounts
Correct answer is C
An accounting period definition is a period of time in which a company prepares its financial report. It could be yearly, bi-annually, monthly, weekly, or daily.