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.
An expense becomes an accrual because it
Is due for payment
Is a Profit and Loss Account item
Is a Trading Account item
Is to be paid within the next one year
Must appear in the balance sheet
Correct answer is A
No explanation has been provided for this answer.
N26,000
N230,000
N220,000
N160,000
N140,000
Correct answer is C
No explanation has been provided for this answer.
Trading Account item
Profit and Loss Account item
Appropriation Account item
Receipts and Payments Account item
Balance Sheet item
Correct answer is B
No explanation has been provided for this answer.
An expense of business to be paid for in cash
An amount of loss from trading activities
A loss in value of all business assets
An expense the amount of which is not certain
An amount set out of profit for other uses
Correct answer is E
No explanation has been provided for this answer.
Which of the following is not a personal account?
Bolaji Account
Drawings Account
P.Z. Plc Account
Cash Account
Acada Club Account
Correct answer is C
No explanation has been provided for this answer.