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.
How much rent is apportioned to department K?
N1200
N1800
N2000
N750
Correct answer is A
Since department K has the biggest shop space, its only fair that it pays the bigger chunk of rent. Hence it would be shared amongst the three department as;
Department k = 1200
L = 800
M = 1000
Total = 3000
N10,000
N9,700
N7,300
N7,000
N2,700
Correct answer is E
No explanation has been provided for this answer.
N1,710
N1,760
N2,000
N2,240
Correct answer is D
No explanation has been provided for this answer.
N17,000
N14,700
N12,300
N7,000
N4,700
Correct answer is D
No explanation has been provided for this answer.
N1,310
N1,850
N1,990
N2,210
Correct answer is A
The insurance premium to be taken to the profit and loss account will be the amount which could not be recovered by the trader on account of credit sales. It is a business loss, so is debited in the profit and loss account.
Insurance premium posted to the P/L account would be;
710 + 600 = 1310