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.

When a share is sold for less than its nominal value, the difference is called

A.

Discount

B.

Reserve

C.

Premium

D.

Loss

E.

Goodwill

Correct answer is A

No explanation has been provided for this answer.

2.

A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.

The amount of goodwill was

A.

N4,000

B.

N3,000

C.

N2,000

D.

N1,600

E.

N1,000

Correct answer is E

No explanation has been provided for this answer.

3.

A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.

The purchase consideration was

A.

N24,000

B.

N23,000

C.

N20,000

D.

N15,000

E.

N8,000

Correct answer is A

No explanation has been provided for this answer.

4.

Which of the following is a factory overhead?

A.

Carriage on raw materials

B.

Purchase of raw materials

C.

Production wages

D.

Direct expenses

E.

Depreciation of factory equipment

Correct answer is E

No explanation has been provided for this answer.

5.

Rent receivable is a

A.

Current asset

B.

Current liability

C.

Contingent liability

D.

Fictitious asset

E.

Provision

Correct answer is B

No explanation has been provided for this answer.


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