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.
Danladi Bako's Statement of Affairs as at 30/06/17
| ₦ |
₦ |
||
| Capital | ?? | Fixtures and fittings | 4,000 |
| Stock | 20,500 | ||
| Sundry debtors | 40,000 | ||
|
Creditors |
18,000 | Bank | ?? |
| 78650 | 78650 |
What is the value of Dalandi Bako's capital?
₦60,150
₦78,650
₦50,160
₦60,650
Correct answer is D
No explanation has been provided for this answer.
A part of public company's profit belonging to the shareholders is
Right issue
Bonus
Dividends
Public issue
Correct answer is C
Dividends are a part of a public company's profit that is distributed to shareholders. It is a way for companies to distribute a portion of their earnings back to their shareholders. Public issue, bonus, and right issue are not parts of a company's profit that belong to the shareholders
The principle of double entry developed from the axioms of accounting equation is given as
Liabilties + Equity = Net assets
Assets + Equity = Liabilities
Liabilities + Equity = Assets
Assets + Liability = Equity
Correct answer is C
The accounting equation states that:
- Capital( Equity) = Assets - Liabilities
- Assets = Capital (Equity) - Liabilties
- Liabilties = Assets - Capital (Equity)
- Equity(Capital ) = Assets
|
₦ |
|
|
Debtors opening |
4000 |
| Debtors closing | 1500 |
|
Cash received from debtors |
8500 |
|
Bad debts written off |
350 |
| Discount allowed | 500 |
| Discount received | 1000 |
What is the amount of sales for the year?
₦6850
₦6650
₦3850
₦1550
Correct answer is A
The amount of sales for the year is calculated using the formula: Opening Debtors + Sales - Cash received from debtors - Closing Debtors + Bad debts written off + Discount allowed - Discount received. Plugging in the given values, we get: 4000 + Sales - 8500 - 1500 + 350 + 500 - 1000 = Sales. Solving for Sales, we get Sales = 6850.
The following appears in the trading account except
Carriage inward
Opening stock
Carriage outward
Sales
Correct answer is C
Carriage outward is an expenses and it does not appear in the trading account but appears in the profit and loss account.