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.

1,646.

In computing, ALU stands

A.

Accounting logic unit

B.

Arithmetic logic unit

C.

Access logic unit

D.

Additional liability unit

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

1,647.

Profit expressed as a fraction of the selling price is known as

A.

Mark-up

B.

Margin

C.

Gross profit

D.

Net profit

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

1,648.

In computing, external storage is called

A.

Backing storage

B.

Logging storage

C.

Primary storage

D.

Extra storage

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

1,649.

Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under

 

A.

Current liability

B.

Current asset

C.

Long term liability

D.

Fixes asset

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

1,650.

Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. Rent charged to the profit and loss account for the year 1998 is

A.

N2,000

B.

N1,700

C.

N1,400

D.

N1,300

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.


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