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.
Which of the following is correct about cost of goods sold?
opening stock + purchases - closing stock
opening stock + sales + closing stock
openig stock - purchases - closing stock
opening stock + sales + closing stock
Correct answer is A
No explanation has been provided for this answer.
Carriage outwards is charged to
Credited to the trading account
Debited to the profit and loss account
Credited to the profit and loss account
Credited to the appropriation account
Correct answer is A
No explanation has been provided for this answer.
The amount set aside out of profit for a specific purpose is
provision
reserve
depreciation
depletion
Correct answer is A
No explanation has been provided for this answer.