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.
Estimate
Depreciation
Asset
Useful Life
Correct answer is B
Depreciation is the reduction in the economic service potentials of an asset as a result of wears, usuage, tears and passage of time.
Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials |
₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000 |
220,480
213,480
200,480
190,000
Correct answer is A
Cost of Raw material consumed Manufacturing Wages Direct expenses |
₦ 152,600 52,860 12,500 |
| 220,480 |
| Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials |
₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000 |
Cost of raw materials consumed is
₦53,000
₦150,000
₦152,120
₦148,120
Correct answer is C
| ₦ | ₦ | |
| Opening stock of raw materials Purchase of Raw material Carriage Inwards |
145,600 7000 |
32,160 |
less closing stock |
184,760 29,640 |
|
| Cost of Raw materials consumed | 155,120 |
I only
II and III
I and III only
IV only
Correct answer is D
Provision for bad debts and trade discount allowed will not appear in the account.
Rates owing Insurance prepaid Subscription in arrears |
1/199 3,600 50 700 |
31/12/99 2000 1000 600 |
What is the opening cash balance?
₦20,600
₦8,050
₦3,650
₦8,500
Correct answer is C
The opening balance is represented as bal b/f. From the question above and the closing cash balance is represented as bal c/d. Both balance indicate cash in the balance sheet.