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.

251.

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

A.

Monetary

B.

Cost

C.

Conservatism

D.

Historical

Correct answer is C

No explanation has been provided for this answer.

252.

Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

A.

Kola 1/3, Sunday 1/3 and Kemi 1/3

B.

Kola 1/5, Sunday 1/5 and Kemi 3/5

C.

Kola 2/5, Sunday 1/5 and Kemi 2/5

D.

Kola 2/5, Sunday 2/5 and Kemi 1/5

Correct answer is D

No explanation has been provided for this answer.

253.

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

A.

Memorandum

B.

Deed

C.

Financial regulation

D.

Bye-law

Correct answer is B

No explanation has been provided for this answer.

254.

In trial balance, income and liabilities are

A.

Credited

B.

Credited and debited respectively

C.

Debited and credited respectively

D.

Debited

Correct answer is A

No explanation has been provided for this answer.

255.

The power to appoint the Auditor General of the Federation is vested in the

A.

National Assembly

B.

Civil Service Commission

C.

Judicial Service Commission

D.

President

Correct answer is D

No explanation has been provided for this answer.