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.
Carriage inwards
Carriage outwards
Discount received
Returns outwards
Correct answer is B
No explanation has been provided for this answer.
The excess of income over expenditure is usually transferred to the
Current assets in the balance sheet
Profit and loss account
Accumulated fund
Current liabilities in the balance sheet
Correct answer is C
No explanation has been provided for this answer.
A limitation of the money measurement concept is that
it results in inaccurate financial statements
financial statement is not easily understood
important non-monetary activities are not reported
the reports are not comparable to that of other businesses
Correct answer is C
No explanation has been provided for this answer.
Depreciation of plant and machinery Factory rent Indirect wages General indirect expenses Lubricants Carriage inwards Factory power Bank charges Carriage outwards |
₦ 1,600 650 695 726 1,235 829 350 612 2,900 |
Determine the total factory overhead cost
₦4,485
₦6,085
₦6,556
₦5,256
Correct answer is D
No explanation has been provided for this answer.
Capital and revenue expenditures of government are usually accounted for under funds which include
Technical, special trust and commercial funds
Personal advances, technical and public funds
Personal advances, treasury clearance and special trust funds
Commercial loans and treasury clearance funds
Correct answer is B
No explanation has been provided for this answer.