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 |
Calculate the cost of raw materials consumed
₦15,600
₦17,000
₦42,000
₦20,300
Correct answer is A
Cost of raw materials consumed = 1000 + 16000 - 1400
= ₦ = 15600
III and IV
I, II and IV
II, III and IV
I, II and III
Correct answer is C
The features are:
- include capital and revenue items
- accruals and prepayments are not included
- it is a real account
- only actual receipts and payments are recorded
- balance represent cash in hand
I, II and IV only
I and IV only
I and II only
I, II and III only
Correct answer is B
The item on the credit side of the purchase control account or total creditor control account are: purchase (credit), cash refunds, discount withdrawn, debit note received.
articles of association
equity share certificate
prospectus
memorandum of association
Correct answer is D
The Memorandum of Association (MOA) of a company defines the constitution and the scope of powers of the company.
|
₦ |
|
|
Net profit for the year |
90,000 |
|
Interim dividends paid: |
|
|
Ordinary shares |
25,000 |
|
Profit and loss appropriation b/f |
10,000 |
|
Goodwill written off |
1,000 |
At the end of the period, what is the balance of the profit and loss appropriation account?
₦66,5000
₦90,000
₦100,000
₦74,000
Correct answer is A
Balance c/d = net profit + profit and loss - ( goodwill + ordinary share + preference share)
= (90,000 + 10,000) - ( 1000 + 25000 + 7500)
= 100,000 - 33500
= ₦66500