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.
N66,500
N53,500
N51,500
N43,500
Correct answer is C
No explanation has been provided for this answer.
The major advantage of the journal proper is that it
Helps in the preparation of the balance sheet
Prevents fraud and theft of item of the business
Serves as a book of instruction to the bookkeeper
Help the banking industry to be efficient
Correct answer is B
The advantages of using a journal in the recording process is, it discloses in one place the complete effects of a transaction, it provides a chronological record of transactions, & it helps to prevent or locate errors because the debit and credit amounts for each entry can be easily compared.
N66,500
N53,300
N51,500
N43,500
N33,500
Correct answer is D
No explanation has been provided for this answer.
#184,000
#196,500
#212,000
#168,500
Correct answer is D
The net working capital formula is calculated by subtracting the current liabilities from the current assets.
Assets = 190,500
liabilities = 14,000 + 8,000 = 22,000
190,500 - 22,000 = 168,000 (capital)
N17,000
N15,000
N10,750
N10,000
N9,500
Correct answer is E
No explanation has been provided for this answer.