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.
An evidence of payment issued to a government ministry by a revenue collector is
Treasury card
Payment voucher
Treasury receipt
Receipt voucher
Correct answer is D
Receipt voucher are documents used for acknowledgement the receipt of public revenue. They must be issued out anytime revenue is collected by government ministries.
Amortization
Revaluation
Realization
Dissolution
Correct answer is D
Dissolution of partnership is the process whereby a partnership is automatically dissolved or brought to an end by the happenings of any event which makes it unlawful to carry on the business.
The purchases ledger control account is also known as
bill payable control account
credit purchase control account
creditors control account
total purchase
Correct answer is C
The purchases ledger control account is also known as the creditors control account. This account is used in a business's accounting to record the total amount owed to suppliers for purchases made on credit. It is a summary account that reflects the total amount payable to all suppliers.
Which of these is not method of stock valuation?
FIFO method
Base method
Standard method
LIFO
Correct answer is C
The methods of stock valuation are: FIFO, LIFO, Weighted Average Price Method, Simple Average Price Method, Base stock method.
|
₦ |
|
|
Plant and Machinery |
190000 |
|
Motor Vehicle |
170000 |
| Stock | 60000 |
|
Current Liabilities |
50000 |
|
Purchase consideration |
40000 |
The goodwill is?
₦110,000
₦30,000
₦90,000
₦80,000
Correct answer is B
Goodwill = Purchase consideration - value of assets
Total value of assets = 190,000 + 170,000 + 60,000 - (50,000)
= 370,000
Therefore, Goodwill = 400,000 - 370,000
= ₦30,000