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.
D 480,000
D 325,200
D 320,000
D 412,680
Correct answer is B
From 2018 to 2021 (accounting year) is three (3) years
| D | |
| Cost | 1200000 |
| Year 1 ( 10% x 1200000) | 120000 |
| 1080000 | |
| Year 2 ( 10% x 1080000) | 108000 |
| 972000 | |
| Year 3 ( 10% x 972000) | 97200 |
| Depreciation | 874800 |
Accumulated depreciation = 1,200,000 - 874,800
= 325,200
One of the items on the debit side of sales ledger control account is
Bad debt
Returns inwards
Bills dishonored by debtors
Bills accepted by debtors
Correct answer is C
Items on the debit side of the sales ledger control account are: Sales credit, interest charges, dishonoured bill, carriage outwards, discounts disallowed, debit note issued, service charges.
Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | ----- | ||
| Gross profit | ------ | ||
| 196000 | 196000 |
The GH⊄ 4,000 on the credit side is
Carriage outwards
Carriage inwards
Returns outwards
Returns inwards
Correct answer is D
The 4,000 represent returns inwards in the trading account. Return inwards is also known as sales returns.
Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | ----- | ||
| Gross profit | ------ | ||
| 196000 | 196000 |
The gross profit is
GH⊄ 88,800
GH⊄ 43,200
GH⊄ 152,800
GH⊄ 107,200
Correct answer is A
Gross profit = (Sales + Return inward) - Cost of goods sold
= 196,000 - 107,200
= 88,800
Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | ----- | ||
| Gross profit | ------ | ||
| 196000 | 196000 |
The cost of goods sold is
GH⊄ 152,800
GH⊄ 107,200
GH⊄ 43,200
GH⊄ 88,800
Correct answer is B
Cost of goods sold = Opening stock + Purchases - Closing stock
= 10,000 + 120,000 - 22,800
= 107,200