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.
#511.25 debit
#500.00 credit
#349.75 debit
#340.00 credit
Correct answer is C
The amount withdrawn by the partners for their personal use out of the firm is known as drawings. Interest are charged on this drawings
Cost of rent as an expense can be apportioned to all department on the basis of:
No of employees
Stock value
Space occupied
Wages
Correct answer is C
Indirect expenses are allocated among departments in order to ascertain the profits or loss made by each department.
₦700
₦1050
₦1750
₦3500
Correct answer is C
Jewelry 3/10 x 3500 = 1050
Hairdressing 2/10 x 3500 = 700
Clothing 5/10 x 3500 = 1750
Why should a new partner contribute towards goodwill on his admission?
It is a norm
To ensure new partner also have a stake in the business
The firm into which he is entering already has some goodwill in the market
To purchase the business
Correct answer is C
Goodwill is being paid by a new partner because the partnership he is entering into already has goodwill in the market as well as to pay for the portion sacrificed by existing partners in form to their profit to admit the new partner.
Stock and repayment
Creditors and cash in transit
Stock and cash in transit
Debtors and cash in transit
Correct answer is C
Goods in transit are goods sent by the head office to branch but by the close of financial year, these goods have not yet reached the branch.
Cash in transit are cash remitted by the branch to head office by the end of the financial year this cash has not yet reached the head office
Another major cause of discrepancy is returns in transit. This is the returns by the branch to head office but by the end of the year, they have not been received by the head office