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.
One of the limitations of accounting is that
It ascertain financial position
It prevent fraud
Transactions are recorded in monetary terms
It monitor the progress of the enterprise
Correct answer is C
In accounting, all transactions are recorded in monetary terms. There is no other terms of recording transactions except monetary terms.
Fixed assets Liabilities Current assets |
₦ 55,000 20,000 13,000 |
What is the capital?
₦88,000
₦48,000
₦62,000
₦55,000
Correct answer is B
Capital = Total Assets - Total liabilities
⇒ 55,000 + 13,000 - 20,000
68,000 - 20,000
₦48,000
The objective of departmentalization is to
Ensure that departmental managers are adequately monitored
Record transactions for each department for better documentation
Tackle any recording problem as a result of expansion
Evaluate the profit of different departments
Correct answer is D
The preparation of departmental accounts will show which department is most profitable and may guide in decision making process as to which department must be closed down in some organizations.
A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is
₦20,000
₦6,000
₦6,174
₦10,000
Correct answer is C
No explanation has been provided for this answer.
One of the objective of maintaining the account of a branch at the head office is to
To access the performance of the branches
Check the excesses of customers
Record charges in shareholdings
Record charges in liabilities
Correct answer is A
Branch account enables control to be exercised by management over the affairs of the branch.