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.
3 times
3.3 times
3.5 ttimes
4 times
Correct answer is D
No explanation has been provided for this answer.
N20,000
N21,000
N22,000
N24,000
N25,000
Correct answer is B
No explanation has been provided for this answer.
A
B
C
D
E
Correct answer is B
No explanation has been provided for this answer.
Subscription in advance is treated in the balance sheet as a
Current asset
Current liability
Fixed asset
Long term liability
Correct answer is B
Current assets are assets of the company that can be easily converted to cash when needed
current liability: this is the liability owned to outsiders but still enjoying its benefit within a year e.g creditors, wages in arrears
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