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.
N900,000
N864,000
N840,000
N180,000
Correct answer is B
No explanation has been provided for this answer.
Bank Account
Control Account
Profit and Loss Account
Statement of Affairs
Correct answer is B
No explanation has been provided for this answer.
| ₦ | ₦ | |
| Sales less: cost of goods sold |
233,000 170,000 |
|
| 63,000 | ||
| less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses |
16,800 15,000 6,200 |
|
| Net profit | 25,000 |
Calculate the net profit on percentage of expenses.
60%
25%
13%
65.7%
Correct answer is D
Net profit on % of expenses =
Net profit x 100
Expenses
= \(\frac{25000}{38000}\) x 100
= 65.7%
A disadvantage of single entry system of book-keeping is that
The profit for the period is reduced
It is difficult to determine profit for the period
Total sales for the period is reduced
The owner of the firm withdraws money from the enterprise
Correct answer is B
No explanation has been provided for this answer.
Which of the following items will appear in the Total Creditors Account?
Discount allowed
Credit sales
Discount received
Cash purchases
Correct answer is A
No explanation has been provided for this answer.