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.
I, III and IV
I and III
I, II and III
I, II and IV
Correct answer is C
Change in profit sharing ratio may occur as a result of the following:
- changes in skill contributed by partners
- ill health
- old age
When goods are received from head office, head office will be credited while
Sales will be debited
Requisition will be debited
Issue will be debited
Purchases will be debited
Correct answer is D
Goods received from head office
Accounting entries:
Dr: Purchase account
Cr: Head office current account
|
₦ |
|
|
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 |
The amount of preference shares dividends payable at the end of the year is
₦10,000
₦25,000
₦7,500
₦20,000
Correct answer is C
Preference shares dividends are calculated based on the nominal value of the preference shares and the fixed dividend rate. In this case, Larry Limited has 150,000 preference shares of ₦1 each, and the dividend rate is 5%. Therefore, the preference shares dividends payable at the end of the year is 150,000 * 1 * 5% = ₦7,500.
|
₦ |
|
|
Balance as per cash book |
5467 |
|
Uncredited cheques |
4410 |
|
Unpresented cheques |
19404 |
The balance as per bank statement is
₦20,461
₦21,091
₦21,109
₦19,021
Correct answer is A
The balance as per bank statement is calculated by adding the balance as per cash book and the unpresented cheques then subtracting the uncredited cheques. Therefore, the balance as per bank statement is ₦5467 + ₦19404 - ₦4410 = ₦20,461. Unpresented cheques are cheques that have been issued by a company but have not yet cleared through the bank. Uncredited cheques are cheques that have been received by a company but have not yet cleared through the bank.
Subscription in advance is treated in the balance sheet as a
Fixed asset
Long term liability
Current asset
Current liability
Correct answer is D
Subscription in advance is the sum of money prepaid by the members of club representing their dues for next year. It is treated as a liability in the balance sheet.