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.
N133,000
N120,000
N113,000
N100,000
Correct answer is A
No explanation has been provided for this answer.
The purpose of a trading account is to ascertain
Sales
Carriage outwards
Gross profit or loss
Net profit or loss
Correct answer is C
The trading account is primarily prepared to ascertain gross profit or loss.
Periodicity
Business entity
Dual aspect
Going concern
Correct answer is D
This concept is the only one among the listed that assumes that the business will continue to operate for an indefinitely long period of time.
Which of the following is not a feature of accounting information?
Timeliness
Accuracy
Completeness
Affordability
Correct answer is D
Accounting information and report must be accurate, complete and timely. Money spent to obtain an information is not as important as how useful are those information in taking decisions.
Capital reserves includes the following except
Revaluation surplus
Pre-incoporation profit
Share premium
General reserves
Correct answer is D
General reserves is not a form of capital reserves. It is considered as revenue reserves