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.
415,000 debit
215,000 credit
215,000 debit
315,000
Correct answer is C
Income = 210,000 + 80,000 + 60,000 = 350,000
Expenditure = 20,000 + 15,000 +40,000 10,000 + 50,000 = 135,000
350,000 - 135,000 = 215,000 Debit balance (income)
Calculate the cost of goods sold.
N61,000
N58,000
N62,000
N57,000
Correct answer is C
No explanation has been provided for this answer.
Find the average stock for the period
N27,000
N23,000
N28,000
N20,500
Correct answer is D
No explanation has been provided for this answer.
Calculate the cash balance after the discount.
N2,760
N4,300
N6,200
N2,400
Correct answer is A
cash balance = debit side of the cash column - credit side of cash column. Hence we have;
Discount allowed = 0.02 x 2000 = 40
Debit column = 3000 + 1000 + 2000 + 200 = 6200
6200 - 40 (cash discount) = 6160
credit column = 200 + 3000 + 200 = 3400
6160 - 3400 = 2760
If Fatima was granted a discount of 2% what will be discount allowed?
N20
N40
N60
N4
Correct answer is B
Fatima cash purchase = 2000
Discount allowed = 2%
2/100 x 2000 = 40