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.
Cash
Cheques
Debtors
Stocks
Correct answer is C
The income and expenditure account unlike the receipts and payments takes records of accruals and prepayment
N1.183
N1.025
N1.00
N1.05
Correct answer is B
Simple average method usually add up all receipt prices ahead of the issued material divided by 2
N7950
N8050
N7050
N8950
Correct answer is A
The gross profit percentage of sales would be
20% x N 10,000 = N 2000
If cost of sales + gross profit = N 10,000 = N 2000
:. N 8000 + N 2000 = N 10,000
If cost of goods available for sales less closing stock
= cost of sales
:. N8200 + N200 = N8000
Hence; cost of goods available for sale = opening stock + purchases
:. N8200 = N250 + A
= N 8200 – N 250
=N 7950
What is the ledger entry for sale of generator on credit to Patrick?
Credit sales account and debit Patrick’s account
Credit generator account and debit cash account
Credit sales account and debit cash account
Credit generator account and debit Patrick’s account
Correct answer is D
Patrick is receiving and should be debited while generator account is giving
Preliminary expenses is an example of
Fictitious assets
Liquid assets
Wasting assets
Tangible assets
Correct answer is A
Preliminary expenses are just like other asset but are unrealizable.