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.
Use the information below to answer the question that follows,
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.
N11,000
N7,000
N4,000
N24,000
Correct answer is C
No explanation has been provided for this answer.
Saka's account and credit discount received account
Alaka's account and credit discount received account
Discount received account and credit Alaka's account
Discount allowed account and credit Alaka's account
Correct answer is A
Alaka is a debtor to saka we therefore
debit saka's cash account and credit allowed account
The difference between book keeping and accounting is that while
Book keeping interprets data, accounting records it
Book keeping is regarded as the language of the business accounting ascertians its strength and weakness
Book keeping records data accounting interprets it
Book keeping summaries information accounting communicates it
Correct answer is C
In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data.
Which of the following expenses relate to the profit and loss account of a manufacturing firm?
Administrative overhead
Direct labour
Direct materials
Work-in-progress
Correct answer is A
Administrative overhead is those costs not involved in the development or production of goods or services. This is essentially all overhead that is not included in manufacturing overhead. Examples of administrative overhead costs are the costs of: Front office and sales salaries, wages, and commissions. Office supplies.
The objective of departmental account is to
Ascertain the amount of profits or losses for the enterprise
Ascertain the amount of profits or losses for each department
Ascertain the cost of running the organization
Offset the loss of each department
Correct answer is B
The main objectives of departmental accountingare: To check out an interdepartmental performance. To evaluate the performance of the department with the previous period result. The gross profit of eachdepartment can be ascertained.