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.
Capital for a profit making organization is generated through
Subscription
Shares
Donation
Gift
Correct answer is B
Share: profit making organizations use different shares such as ordinary and preference shares to source for money from the public
Which of these accounts is dissolution expenses credited?
Partners capital account
Revaluation account
Partners current account
Realization account
Correct answer is D
Realization account: the cash realized from sales of asset is credited to it.
The quality of output information depends on the
Quality of input data
Time of processing
Speed of processing
Quantity of output service
Correct answer is A
The output is an instant reaction to the input. The value derived from output depends on the quality of input and your process for converting raw ideas and feedback into effective solutions.
Which of the following is a spreadsheet application?
Excel
Word
Internet
Windows
Correct answer is A
A spreadsheet is a sheet of paper that shows accounting or other data in rows and columns; a spreadsheet is also a computer application program that simulates a physical spreadsheet by capturing, displaying, and manipulating data arranged in rows and columns. Excel is an example of a spread sheet application