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.
ln a not-for-profit organization, the accumulated fund is
Current assets plus fixed assets less total liabilities
Long-term liabilities plus current liabilities
Fixed assets plus current assets plus long-term liabilities
Fixed assets less long-term liabilities less current liabilities
Correct answer is A
No explanation has been provided for this answer.
The primary concern of shareholders in a business is the
Ascertainment of taxable profit
Dividend payable
Ability to pay interest
Welfare of employees
Correct answer is B
No explanation has been provided for this answer.
To show the evidence of payment to a government ministry, the revenue collector issues a
Receipt voucher
Payment voucher
Treasury receipt
Treasury card
Correct answer is B
No explanation has been provided for this answer.
When the letter "C" is written in front of an entry in the folio column of a cash book, it shows a
Double entry
Cash entry
Contra entry
Journal entry
Correct answer is C
No explanation has been provided for this answer.
A quality of accounting information is that it should be
Profitable
Verifiable
Appreciable
Depreciable
Correct answer is B
No explanation has been provided for this answer.