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.
Additional capital Capital Closing capital Net profit |
₦ 4000 8000 12000 1500 |
The drawings for the period stand at
1500
3000
12,000
10,500
Correct answer is A
Using the formula:
OC + AC + NP - D = CC
where: OC = Opening Capital
AC = Additional Capital
NP = Net Profit
D = Drawings
CC = Closing Capital
Then;
8000 + 4000 + 1500 - D = 12,000
13,500 - D = 12,000
D = 13,500 - 12,000
D = ₦1500
The two recognised accounting bases are
Cash and credit
Personal and impersonal
Accrual and Cash
Drawings and Private
Correct answer is C
Accounting bases are the totality of method adopted by an enterprises for applying fundamental accounting concepts to its Financial transactions. However, the two bases are cash and Accrual basis
Realisation concept
Entity concept
Going concern concept
Matching concept
Correct answer is B
The entity concept ensures that only the expenses incurred by/for the business, incomes earned by the business, assets acquired for the business and liabilities owed by the business are respectively recorded as expenses, incomes, assets and liabilities in the books of the business.
| Opening stock | ₦ |
| Department A B |
100 800 |
| Purchases: A B Wages of workers Salaries |
1500 2000 50 100 |
| Sales A B |
3000 5000 |
Expenses are to be shared in the ratio of sales.
The net profit for departmental A is
1880
1600
880
425
Correct answer is D
Cost of goods sold for departmental = 1000 + 1500 = 2,500
Gross profit = Sales - Cost of goods sold
3000 - 2500
⇒ ₦500
Therefore, Net profit = Gross profit - Expenses
500 - (50 ÷ 2 + 100 ÷ 2)
500 - (25 + 50)
500 - 75
Net profit = ₦425
| Opening stock | ₦ |
| Department A B |
100 800 |
| Purchases: A B Wages of workers Salaries |
1500 2000 50 100 |
| Sales A B |
3000 5000 |
Expenses are to be shared in the ratio of sales.
The cost of goods for department B is
4,120
3400
3000
2800
Correct answer is D
Cost of goods sold for departmental B
opening stock + purchases - closing stock
800 + 2000
⇒ **2,800