Accounting questions and answers

Accounting Questions and Answers

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.

1,036.

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

The subscriptions received would be

A.

N200,000

B.

N240,000

C.

N300,000

D.

N24,000

Correct answer is B

No explanation has been provided for this answer.

1,037.

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

What is the closing cash balance?

A.

N35,000

B.

N211,000

C.

N5,000

D.

N10,000

Correct answer is C

No explanation has been provided for this answer.

1,038.

The quick ratio is

A.

1:2

B.

1:3:1

C.

1.7:1

D.

3:1

Correct answer is B

No explanation has been provided for this answer.

1,039.

The current ratio is

A.

1:1

B.

2:1

C.

2.8:1

D.

3.5:1

Correct answer is B

No explanation has been provided for this answer.

1,040.

Calculate the closing stock under FIFO method

A.

N875

B.

N675

C.

N600

D.

N300

Correct answer is B

No explanation has been provided for this answer.