Accounting questions and answers

Accounting Questions and Answers

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.

1,392.

Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?

A.

Trading account

B.

Profit and loss account

C.

Balance sheet

D.

Income distribution account

E.

Appropriate account

Correct answer is B

No explanation has been provided for this answer.

1,394.

Which of the following is a Real account item?

A.

Wages and salaries account

B.

Machinery account

C.

Capital account

D.

Drawings account

E.

Alagja and sons account

Correct answer is B

No explanation has been provided for this answer.

1,395.

Which of the following is a current asset item?

A.

Goodwill

B.

Overdraft

C.

Preliminary expenses

D.

Prepayments

E.

Outstanding expense

Correct answer is D

No explanation has been provided for this answer.