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.
Memoradum branch account is prepared to determine
gross profit
credit sales
closing stock
opening stock
Correct answer is A
Memorandum branch account or double column method is prepared to determine the gross profit. They are purely memoradum entries and do not form part of the double entries.
In manufacturing, depreciation of office machine is charged to
Trading account
Balance sheet
Appropriation account
Profit and loss account
Correct answer is D
Depreciation of office machine equipment is an administration expenses. Administration expenses comprises of cost of accounting and secretarial work.
Use the following information to answer the question
The health department of Banjul Local Government incurred the following expenditure in 2020:
| Le | |
|
Construction of hospital wards |
200,000 |
| Purchase of hospital beds | 20,000 |
| Purchase of stationeries | 15,000 |
| Salaries and wages | 60,000 |
| Purchase of drugs | 50,000 |
| Purchase of x-ray machine | 100,000 |
The recurrent expenditure for the year is
Le 370,000
Le 125,000
Le 320,000
Le 445,000
Correct answer is B
From the given information, the expenditures that are likely to be classified as recurrent expenditures are:
Purchase of stationeries: Le15,000
Salaries and wages: Le60,000
Purchase of drugs: Le50,000
To calculate the recurrent expenditure for the year, we add these amounts together:
Le15,000 + Le60,000 + Le50,000 = Le125,000
Therefore, the recurrent expenditure for the year is Le125,000.
Discount allowed is enjoyed by
Managers
Customers
Staff of the company
Suppliers
Correct answer is B
Discount allowed is allowed by a firm to its customers when they pay their accounts quickly or promptly.
Use the following information to answer the question
The health department of Banjul Local Government incurred the following expenditure in 2020:
| Le | |
|
Construction of hospital wards |
200,000 |
|
Purchase of hospital beds |
20,000 |
|
Purchase of stationeries |
15,000 |
|
Salaries and wages |
60,000 |
|
Purchase of drugs |
50,000 |
|
Purchase of x-ray machine |
100,000 |
The capital expenditure for the year is
Le125,000
Le320,000
Le370,000
Le455,000
Correct answer is B
From the given information, the expenditures that are likely to be classified as capital expenditures are:
Construction of hospital wards: Le200,000
Purchase of hospital beds: Le20,000
Purchase of x-ray machine: Le100,000
To calculate the capital expenditure for the year, we add these amounts together:
Le200,000 + Le20,000 + Le100,000 = Le320,000
Therefore, the capital expenditure for the year is Le320,000.