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.
Profits are recognised when goods are sold. What concept is this?
Realization
Matching
Periodicity
Going concern
Correct answer is A
No explanation has been provided for this answer.
"The Accountant thinks the investment in the books are worthless". This is
Consistency concept
Objectivity concept
Conservatism concept
Money measurement concept
Correct answer is D
No explanation has been provided for this answer.
N4,000 profit
N2,000 profit
N2,000 loss
N4,000 loss
Correct answer is C
No explanation has been provided for this answer.
Fixed Asset Accunt N4,000, credit Disposal of Assets Account N4,000
Disposal of Asset Account N4,000, credit fixed Access Account N4,000
Disposal of Asset Account N2,000, credit Fixed Asset account N2,000
Fixed Asset Account N2,000, credit Disposal of Assets Account 2000
Correct answer is B
No explanation has been provided for this answer.
N8,000
N6,000
N4,000
N2,000
Correct answer is C
No explanation has been provided for this answer.