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.
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
N14,000
N13,000
N12,000
N10,000
Correct answer is B
No explanation has been provided for this answer.
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life - 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the total acquisition cost of the equipment?
N76,000
N72,000
N70,000
N60,000
Correct answer is C
No explanation has been provided for this answer.
Determine the closing balance of the cash book?
N655 credit
N655 debit
N130 credit
N130 debit
Correct answer is B
No explanation has been provided for this answer.
Profit sharing is in the ratio of capital. Bee's share of profit is
Le 8,000
Le 6,000
Le 4,800
Le 3,200
Correct answer is C
No explanation has been provided for this answer.
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