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.
Determine the closing stock under LOFO method
N575
N500
N375
N275
Correct answer is A
No explanation has been provided for this answer.
N13,000
N9,900
N8,400
N9,000
Correct answer is C
No explanation has been provided for this answer.
N20,000
N30,000
N40,000
N50,000
Correct answer is C
No explanation has been provided for this answer.
Based on the FIFO method of valuation the total cost of the raw materials issued is
N150
N160
N240
N250
Correct answer is C
No explanation has been provided for this answer.
WHAT IS THE VALUE OF RAW MATERIALS ISSUED ON MAY 17TH BASED ON THE LIFO METHOD?
N60
N61
N62
N64
Correct answer is D
No explanation has been provided for this answer.