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.

A private company is different from a public company because

A.

It does not restrict the right to transferits shares

B.

It cannot invite members of the public to subscribe for its shares

C.

Its shares are owned by one person

D.

It can only offer its shares to members of the publicfor subscription

Correct answer is B

No explanation has been provided for this answer.

2.

Use the information below to answer question

Turnover........................N120,000 Net profit before tax.........N40,000 Net profit b/f.....................N68,000 Proposed dividends: Ordinary shares....................N8,000 Preference shares................N6,000 Corporate tax is 30%........N10,000

What is the tax charged to profit and loss account?

A.

N14,000

B.

N60,000

C.

N34,000

D.

N20,000

Correct answer is D

No explanation has been provided for this answer.

3.

Accrual accounting differs from cash accounting because it recognizes?

A.

Cash and creditors

B.

Debtors and creditors

C.

Cash and debitors

D.

Prepayment and cash

Correct answer is B

No explanation has been provided for this answer.

4.

Use the information below to answer question

Turnover.........................N120,000
Net profit before tax.........N40,000
Net profit b/f.....................N68,000
Proposed dividends:
Ordinary shares..................N8,000
Preference shares..............N6,000
Corporate tax is 30%........N10,000

The undistributed profit carried forward is?

A.

N68,000

B.

N20,000

C.

N74,000

D.

N34,000

Correct answer is A

No explanation has been provided for this answer.

5.

Gross earnings................N950,000
Current liabilities............N100,000
Operating expenses........N350,000
10% debentures..............N400,000
Shareholder's fund.......N1,300,000
Corporate tax is 30%

From the data above calculate the returns on equity?

A.

33%

B.

35%

C.

20%

D.

30%

Correct answer is D

No explanation has been provided for this answer.

6.

After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?

A.

60 days

B.

30 days

C.

120 days

D.

90 days

Correct answer is B

No explanation has been provided for this answer.

7.

Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?

A.

Debited by N100

B.

Credited by N100

C.

Credited by N1000

D.

Debited by N1000

Correct answer is A

No explanation has been provided for this answer.

8.

The difference in the sales ledger control account is transferred to the?

A.

Profit and loss account

B.

Sales account

C.

Balance sheet

D.

Trading account

Correct answer is D

No explanation has been provided for this answer.

9.

Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000

Determine the current assets?

A.

N7,000

B.

N6,000

C.

N8,000

D.

N9,000

Correct answer is B

No explanation has been provided for this answer.

10.

Use the information below to answer question

Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000

The company maintains a current ratio of 3:1.
The capital balance is?

A.

N9,500

B.

N12,500

C.

N11,500

D.

N1000

Correct answer is B

No explanation has been provided for this answer.


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