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.
Provisional general warrant
Annual general warrant
Reserved expenditure warrant
Contingencies
Correct answer is A
Provisional general warrant is issued by minister to enable money to be released for expenditure for the early of the year before the appropriation Act is passed
I, II and IV
I & III
I, II and III
I, III and IV
Correct answer is C
I, II and III: Changes will occur in partnership is dissolved amalgamation and changes in profit or loss sharing
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
Original entry
Contra entry
Prime entry
Contract entry
Correct answer is B
Contra entry is used to offset amount or same transaction against another on both side of the cashbook.