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.

507.

Use the following information to answer questions the question below


                         01/01/17    31/12/17
Trade creditors   630,000    780,000
Stock                 540,000     480,000
Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

The cost of goods sold was? 

A.

N3,330,000

B.

N2,910,000

C.

N2,760,000

D.

N2,610,000

Correct answer is B

No explanation has been provided for this answer.

508.

ln a not-for-profit organization, the accumulated fund is

A.

Current assets plus fixed assets less total liabilities

B.

Long-term liabilities plus current liabilities

C.

Fixed assets plus current assets plus long-term liabilities

D.

Fixed assets less long-term liabilities less current liabilities

Correct answer is A

No explanation has been provided for this answer.

509.

The primary concern of shareholders in a business is the 

A.

Ascertainment of taxable profit

B.

Dividend payable

C.

Ability to pay interest

D.

Welfare of employees

Correct answer is B

No explanation has been provided for this answer.

510.

To show the evidence of payment to a government ministry, the revenue collector issues a

A.

Receipt voucher

B.

Payment voucher

C.

Treasury receipt

D.

Treasury card

Correct answer is B

No explanation has been provided for this answer.