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.
Use the information below to answer this question.
N19,800
N49,500
N48,000
N29,700
Correct answer is D
No explanation has been provided for this answer.
What will be the number of shares to be issued to a subscriber who applied for 50,000 units.
20,000
18,000
15,000
12,000
Correct answer is A
Allotment = 500,000 = 0.4 or 40%
∴ Each subscriber would get 40% shares of what they applied for.
∴ 50,000 x 0.4 = 20,000 units
Which method of pricing can be used satisfactorily in either rising or falling price situation?
Market price
Average method
FIFO
Standard price
Correct answer is B
An average method which accommodate all the prices and then divide (inform of mean) is well acceptable in either of the two situation.
N16,000
N17,000
N13,000
N14,000
Correct answer is B
15000 + 2000 = 17,000
An entry in a subsidiary book which does not form part of the double entry system is a
Contra entry
Single entry
Journal entry
Memorandum entry
Correct answer is D
No explanation has been provided for this answer.