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.
Which of the following is found in a receipts and payments account?
accruals
prepayments
sepreciation of fixed assets
purchase of fixed assets
Correct answer is D
No explanation has been provided for this answer.
The assets of business can be classified broadly into
Fixed and floating assets
Fixed and current assets
Intangible and fixed assets
Current and circulating assets
Investment and tangible assets
Correct answer is B
No explanation has been provided for this answer.
In a not-for-profit making organization, the cash book is summarized in the form of
balance sheet
income and expenditure account
receipts and expenditure account
receipts and pryments account
Correct answer is D
No explanation has been provided for this answer.
One of the advantages of control account is that
All errors are localised tus reducing delays in balancing accounts
All errors are generalized thus reducing delays in balancing accounts
Book keepers cannot make mistakes
All errors are posted into the account
All cash transactions are posted into the accounts
Correct answer is A
No explanation has been provided for this answer.
In a not-for-profit making organization, the cash book is summarized in the form of
balance sheet
income and expenditure account
receipts and expenditure account
receipts and pryments account
Correct answer is D
No explanation has been provided for this answer.