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.
The process of cost apportionment is carried out so that
Indirect costs may be controlled
Cost units could gather overhead as they pass through cost centres
Variable costs may be controlled
Common costs are shared among cost centres
Correct answer is D
Cost apportionment is the sharing of commonly incurred expenses proportionately where two or more cost centres are involved
Mortgage it
Open its account in the ledger
Turn it to cash
Give it out as a collateral
Correct answer is C
Realization means when assets are disposed for cash as at the time of dissolution
Appreciation
Amortization
Provisions
Depreciation
Correct answer is D
Depreciation is the reduction in the service potential of an asset as a result of wear and tear.
N1,605
N875
N2,450
N1,300
Correct answer is B
The imprest system is a form of financial accounting system. The most common imprest system is the petty cash system. The base characteristic of an imprestsystem is that a fixed amount is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.
450 + 250 +175 = 875
the imprest will be reimbursed with the amount that was spent which is 875
N2
N0.80
N0.60
N0.50
Correct answer is D
No explanation has been provided for this answer.