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.
A business organization prepares departmental account in order to
Ascertain the contribution of each department to the organization
Ascertain interdepartmental transfer
Build other branches
Know the number of departments in the organization
Correct answer is A
The main objectives of departmental accounting are: To check out an interdepartmental performance. To evaluate the performance of the department with the previous period result. The gross profit of each department can be ascertained.
An increase in government expenditure within a year is taken care of by means of
Virement
Financial regulations
Supplementary estimate
Warrant
Correct answer is C
Supplementary estimates means a statement of unforeseen expenditure for a financial year presented by the Treasurer to the Legislative Assembly for the purpose of obtaining supplementary appropriation for that expenditure
When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of
Capital reserve
Revenue reserve
Net income
Net loss
Correct answer is A
Capital Reserve is a type of profit that is earned on capital transactions - an example would be the profit arising from the forfeiture of shares, sales of assets etc
Which of the following is accounted for in receipts and payments account?
Accrued expenses on annual dances
Subscriptions due but not yet received
Interest on bank deposit
Depreciation of the club house
Correct answer is C
"A receipt and payment account is a summarized cash book (cash and bank) for a given period"
The bank column would reflect interest on bank deposits
N744,800
N760,000
N784,000
N744,000
Correct answer is D
No explanation has been provided for this answer.