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.
Four broad classifications of overheads are
Production, selling, distribution and administration
Production, selling, distribution and material
Selling, distribution and material
Distribution, selling, administration and materials
Correct answer is A
No explanation has been provided for this answer.
Advertising expenses incurred on a product in a business organization should be charged to
Production department
Purchases department
Sales department
Administrative department
Correct answer is C
No explanation has been provided for this answer.
Drawings account
Appropriation account
Capital account
Creditors account
Correct answer is D
No explanation has been provided for this answer.
₦6,600
₦9,300
₦4,450
₦4,850
Correct answer is B
No explanation has been provided for this answer.
The term "accounting period" is used to refer to the
Time span, usually one year covered by the financial statement
Period within which debtors are expected to settle accounts
Time, span during which taxes are paid to the inland revenue board
Budget period, usually one year relied on by the accountant
Correct answer is A
No explanation has been provided for this answer.