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.
Manufacturing account is prepared to ascertain
Profit on goods produced
Cost of goods produced
Cost of goods sold
Profit on goods sold
Correct answer is B
Manufacturing account is prepared to determine the cost of production or cost of goods manufactured during the financial year.
Dual aspect concept
Realization concept
Materiality concept
Business entity concept
Correct answer is C
Materiality is a principle which states that only items of material values are recorded. For example, the cost of a stapler should not be capitalized but expensed.
Provision for doubtful debts is made in conformity with
Business entity concept
Money measurement concept
Prudence concept
Materiality concept
Correct answer is C
Prudence also known as conservatism. The principles states that the accountant should not be anticipate income and will normally take figure that will understate rather than overstate the profit.
Use the following information to answer questions below
| $ | |
| Cash book balance (credit) | 750 |
| Uncredited cheques | 500 |
| Unprecedented cheques | 1680 |
| Direct credit | 300 |
| Bank charges | 150 |
Balance as per bank statement is
$580 Cr.
$430 Dr.
$430 Cr.
$1,480 Cr.
Correct answer is C
Balance as per bank statement = 300+ 1680 - 500
= 1480
Use the following information to answer questions below
| $ | |
| Cash book balance (credit) | 750 |
| Uncredited cheques | 500 |
| Unpresented cheques | 1680 |
| Direct credit | 300 |
| Bank charges | 150 |
The adjusted cash book balance is
$600 Cr
$300 Cr
$900 Cr
$1,200 Cr
Correct answer is B
Adjusted cash book balance
Dr side = 750
Cr side = 300 + 150
= 450
Bal c/d = 750 - 450
= 300 Cr since the debit side exceed the credit side