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 correct expression of accounting equation is
Assets = Liabilities + Equity
Net assets = Liabilities + Equity
Assets + Liabilities = Equity
Assets = Equity - liabilities
Correct answer is A
The fundamental accounting equation is Asset = Capital + Liabilities
Asset = Liabilities + Equity the total assets of the company is generated through liabilities to outsiders that the company is still enjoying in addition with the equity by the owners of the business
The principle of double entry developed from the axioms of accounting equation is given as
Assets + Liability = Equity
Assets + Equity = Liabilities
Liabilities + Equity = Asset
Liabilities + Equity = Net assets
Correct answer is C
Liabilities + Equity = Asset is given as the fundamental equation
What is the effect of transaction when cash is paid into the bank?
Bank balance decrease and cash balance increase
Bank balance decrease and cash balance decrease
Cash balance increase and bank balance increase
Cash balance decrease and bank balance increase
Correct answer is D
Cash balance decrease and bank balance increase: The cash as leaving the cash till and will be deposited into the bank
The tier of government that uses financial memorandum
Federal government
State government
Local government
Municipal government
Correct answer is C
No explanation has been provided for this answer.
Which of the following is used to service all operations of government?
Consolidated Revenue Fund
Consolidated Reserve Fund
Special Operational Fund
General-Reserve Fund
Correct answer is A
Consolidation revenue fund generate its revenue through allocation from the federation account, court fees and fines etc and is used to finance government operation e g cost, overhead