Accounting Questions and Answers

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.

1,301.

Use the following information to answer the given question

\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)

What is the current ratio?

4 : 1

3 : 1

2 : 1

1 : 1

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

1,302.

As evidence of payment to a government ministry, the revenue collector issue

Treasury card

Receipt voucher card

Treasury receipt

Payment voucher

Store receipt voucher

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

1,303.

Using the following information,

\(\begin{array}{c|c} & ₦ \\ \hline \text{club house} & 375,000\\ \text{Furniture} & 250,000\\ \text{Sport kit} & 400,000 \\ \text{subscriptions prepaid} & 10,000\\ \text{Bar creditors} & 156,000 \\ \text{subscriptions owing} & 45,000\end{array}\)

What is the club's accumulated fund?

₦924,000

₦914,000

₦904,000

₦834,000

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

1,304.

Materials are taken out of government unallocated store by means of

Verbal instruction by the Governor

Stores issue voucher