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 options below is not the source of income for non- profit organization
Entrance fees
Subscription/dues
Ordinary shares
Donations
Correct answer is C
Ordinary shares: This type of source of income is only used in profit oriented organization to generate fund the pubic so as to enable the organization make more profit at the end of a specified period
Processed data is only useful to user if it is
Complex
Quantitative
Relevant
Qualitative
Correct answer is C
First thing to be considered when gathering data is the relevant and usefulness of the data or information before considering the qualitative aspect and other things
Relevant : even if the information of data is not processed, if the processed data is relevant, it will be useful to the user
What is the main purpose of transaction file?
To record assets and liabilities
To update income and expenses
To update master files
To make organization decision
Correct answer is C
The main purpose of organization file is to update the master file of the organization