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.
Have a higher cost of goods sold
Have a higher value of closing stock
Have a higher gross profit
Pay higher income tax
Correct answer is C
No explanation has been provided for this answer.
Accounting evolved out of the need of businesses for
profit making
record keeping
increasing sales
obtaining finance
Correct answer is A
No explanation has been provided for this answer.
Use the information below to answer this question
Ordinary share capital account ₦187,500
12% preference share capital account ₦187,500
12% preference share capital ₦375,000
Bank account ₦187,500
Correct answer is B
No explanation has been provided for this answer.
Net profit of a sole proprietor is transferred to the
Profit and loss account
Profit and loss appropriation account
Capital account
Drawings account
Correct answer is C
No explanation has been provided for this answer.
Use the information below to answer this question
Credited with application and allotment ₦187,500
Debited with application and allotment ₦375,000
Debited with application and allotment ₦187,500
Credited with application and allotment ₦375,000
Correct answer is D
No explanation has been provided for this answer.