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.
When the goods are sold on credit to a buyer, the account receivable account will be
Debit and credit
Contra entry
Debited
Credited
Correct answer is C
No explanation has been provided for this answer.
The document issued by a revenue collector as evidence of payment to a government ministry is a
Receipt voucher card
Stores receipt voucher
Treasury receipt
Payment voucher
Correct answer is A
Receipt voucher are document used to acknowledge the receipt of public revenue.
| # | |
|
Stock Jan 1 |
2600 |
| Purchases | 4000 |
| Carriage inwards | 500 |
| Sales | 9000 |
| Carriage outwards | 500 |
Determine the net profit
#4,000
#4,500
#5,000
#1,400
Correct answer is D
Cost of goods sold = 2600 + 4000 + 500
= 7100
Gross profit = 9000 - 7100
= 1900
Therefore, Net profit = Gross profit - Expenses
= 1900 - 500
= ₦1400
Profit expressed in relation to cost of goods sold is
Turnover
Cost price
Margin
mark-up
Correct answer is D
Mark up is when profit is expressed as a percentage of cost price i.e cost of goods sold
Which of the following is used in the public sector to monitor or control government expenditure?
sales day book
cash book
cheque
vote book
Correct answer is D
The vote book is a memorandum book which is maintained by each sub-head to control and monitor government expenditure.