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.
What is the opening balance on the consolidated revenue fund account?
N10,000m
N12,000m
N90,000m
N11,000m
Correct answer is A
No explanation has been provided for this answer.
If the gross profit is N66,000, what is the value of stock at 31st December?
N30,000
N40,000
N50,000
N20,000
Correct answer is A
No explanation has been provided for this answer.
Control accounts help to verify the arithmetic accuracy of the postings from the
Subsidiary books into the trial balance
Ledger into the trial balance
Journals into the ledgers
Subsidiary books into the ledgers
Correct answer is D
No explanation has been provided for this answer.
keeping records under the single entry system has the advantage of
Quality in terms of records
Completeness in terms of records
Accuracy in terms of operation
Simplicity in terms of operation
Correct answer is D
No explanation has been provided for this answer.
In an incomplete record system a trading account cannot be prepared until the
Day book has been balanced
Amount of personal drawings has been established
Cash book has been balanced
Amount as sales and purchases has been established
Correct answer is D
No explanation has been provided for this answer.
In a control account, discount received is found on the
Debit side of the purchase ledger control account
Debit side of the sales ledger control account
Credit side of the purchase ledger control account
Credit side of the sales ledger control account
Correct answer is A
No explanation has been provided for this answer.
Calculate the profit or loss?
N8500 profit
N2000 loss
N2000 profit
N8500 loss
Correct answer is C
No explanation has been provided for this answer.
Which method of pricing can be used satisfactorily in either a rising or falling price situation?
Standard price
Marketing price
FIFO
Average method
Correct answer is D
No explanation has been provided for this answer.
Nigerian Army Recruitment 2024 for Trades / Non Tradesmen & Women (87RRI)
Nigerian Agip Exploration (NAE) Limited Post Graduate Scholarship Award Scheme 2024 / 2025
Graduate Trainees at Goonite (NG) Hygiene Products FZE
Production Supervisor at Buckler Land Systems Limited
Training Manager at Buckler Systems
IT Officer / Web Developer at Fadel Minerals Nigeria Limited
Accounts Assistant at Fadel Minerals Nigeria Limited
Associate - Tax Regulatory & Insurance at Pan African Towers Limited
Human Resources Assistant at Fadel Minerals Nigeria Limited
