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.
₦5,000
₦9,375
₦5,625
₦8,000
Correct answer is B
To determine the discount allowed by Department B, the percentage of sales by Department B need to be calculated
Dep A 250,000
Dep B \frac{150,000}{400,000}
% of Dep A = \frac{250,000}{400000} X 100
= 62.5%
∴ Discount allowed in Dep A = \frac{62.5}{100} x 250,000
= ₦ 9,375
= ₦ 9,375
₦12,000
₦15,000
₦16,000
₦9,000
Correct answer is B
Before calculating the discount received in Dep. B
We need to calculate the percentage of purchases for Dep B
Out of the total purchases
Dep. A purchases 150,000
Dep. B purchases 250,000
400,000 - Total purchases
there4; \frac{250,000 \times 24,000}{\text{(Total discount received)}} x 400,000 = 15,000
The current growth in the volume of trading and financial dealing in Nigeria is helped by
Increased financial activities
Government intervention
Credit as a factor in business
Payment for goods in cash
Correct answer is A
No explanation has been provided for this answer.
The following are the importance of branch account except
It enable the organization to determine the branch that is making either profit or loss
It allows proper control over the branch by the head office
It assist the organization to determine the performance of a branch manager
It allows fraud and wastage of resources
Correct answer is D
The activities and resources of branches is strictly monitored by the head office and each branch is supplied according to its need so it will be difficult to commit fraud or waste any resources.