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.
|
₦ |
|
|
Manufacturing wages |
42,000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1,000 |
|
Purchases |
16,000 |
|
Stock 31/12/16 |
1,400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
What is the value of the indirect manufacturing cost?
₦57,900
₦18,200
₦20,300
₦23,000
Correct answer is C
Indirect cost = 880 + 800 + 18000 + 620
= ₦20,300
Which of these is not a subsidiary books?
Sales day book
Purchase day book
Credit note
Return inward day book
Correct answer is C
The subsidiary book is a book of original entry or prime entry which consists of: purchases day book, sales day book, returns inwards day book, returns outward day book, cash book, journal, petty cash book.
The effect of transaction when cash is paid into the bank is
Bank balance decrease and cash balance increase
Cash balance decrease and bank balance increase
Bank balance decrease and cash balance decrease
Cash balance increase and bank balance increase
Correct answer is B
When cash is paid into the bank, the cash balance decreases because you are taking cash out of your possession and depositing it into the bank. On the other hand, your bank balance increases because you are adding money to your bank account. Therefore, the effect of the transaction is that the cash balance decreases and the bank balance increases.
|
₦ |
|
|
Manufacturing wages |
42000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1000 |
|
Purchases |
16000 |
|
Stock 31/12/16 |
1400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
The prime cost is
₦57,900
₦42,000
₦45,000
₦78,200
Correct answer is A
Prime cost = Cost of raw materials consumed + Manufacturing wages + Royalties
= 15600 + 42000 + 300
= ₦57,900
Which of the following is used to service all operations of government?
General reserve fund
Consolidated revenue fund
Special operational fund
Consolidated reserve fund
Correct answer is B
Consolidate revenue fund shows the total income derived by the government from all the sources of revenue.