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.
Use the information below to answer the question that follows
Le 120,000
Le 110,000
Le 90,000
Le 30,000
Correct answer is C
Cost of goods sold = opening stock + purchase - closing stock
10,000 + 100,000 - 20,000 = 90,000
The wages of an office cleaner is classified as
Direct labour cost
Direct expenses
Factory overhead
Administrative overhead
Correct answer is D
Administrative overhead is those costs not involved in the development or production of goods or services. Administrative overhead is those costs not involved in the development or production of goods or services.
Cost of goods sold is calculated as...................
Opening stock+ purchase - closing
Opening stock + sales - closing stock
Opening stock + purchase + closing stock
Opening stock + sales + closing stock
Correct answer is A
Starting inventory + purchases − ending inventory = cost of goods sold
The concept which states that revenue is recognized when goods are sold is
Realization concept
Going concern concept
Matching concept
Periodically concept
Correct answer is A
The realization concept states that revenue can only be recognized once the available goods or services associated with the revenue have been delivered or sold.
The consistency concept aims at
Ensuring that all expenses are matched against revenue
Reducing cost
Comparability of accounting records
Suppressing profits to be declared
Correct answer is C
The concept of consistency means that accounting methods once adopted must be applied consistently in the future, and same methods and techniques must be used for similar situations