Accounting questions and answers

Accounting Questions and Answers

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.

31.

Use the following information to answer the given question

\(\begin{array} {c|c} & D \\ \hline \text{Cash in hand}& 1,440\\ \text{Cash at bank} & 2440\\ \text{Stock} & 2,500\\ \text{Furniture and fittings} & 2,200 \\ \text{Creditors} & 1,000\end{array}\)

The liability is

A.

D7,580

B.

D6,580

C.

D5,380

D.

D1,000

Correct answer is D

A liability is an obligation arising from a past business event. They are obligations owed to outsiders by a business

Creditor; is a person or company to whom money is owed.

From the table above, liabilities is 1,000. 

 

32.

Use the following information to answer the given question

\(\begin{array}{c|c} & D \\ \hline \text{Cash in hand}& 1,440\\ \text{Cash at bank} & 2440\\ \text{Stock} & 2,500\\ \text{Furniture and fittings} & 2,200 \\ \text{Creditors} & 1,000\end{array}\)

The capital is

A.

D1,440

B.

D6,580

C.

D5,380

D.

D1,000

Correct answer is A

No explanation has been provided for this answer.

33.

The authorized capital of city entertainment company is made up of 200,000 2\(\frac{1}{2}\)% preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid. All the preference dividend and recommended ordinary divided Le 0.10 per share. Using the following information, the value of the ordinary share capital to be stated in the balance sheet is

A.

Le 9,000,000

B.

Le 7,200,000

C.

Le 4,800,000

D.

Le 4,000,000

Correct answer is C

No explanation has been provided for this answer.

34.

The authorized capital of city entertainment company is made up of 200,000 2\(\frac{1}{2}\)% preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid. All the preference dividend and recommended ordinary divided Le 0.10 per share. Using the following information, What is the amount of the share premium?

A.

Le 9,000,000

B.

Le 500,000

C.

Le 3,000,000

D.

Le 2,400,000

Correct answer is D

No explanation has been provided for this answer.

35.

The authorized capital of city entertainment company is made up of 200,000 2\(\frac{1}{2}\)% preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid. All the preference dividend and recommended ordinary divided Le 0.10 per share. Using the following information, what is the amount of preference dividend and recommended ordinary divided of Le 0.10 per share

A.

Le 600,000

B.

Le 500,000

C.

Le 300,000

D.

Le 5,000

Correct answer is D

No explanation has been provided for this answer.


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