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.
The purpose of keeping Sales and Purchases Ledger Control Account is to
Match credit sales and credit purchases
Equate debtors balance to creditors balance
Verify total debtors and total creditors balances
Determine cash sales and cash purchases
Correct answer is C
No explanation has been provided for this answer.
In a manufacturing enterprise depreciation of plant is treated in the
Trading account
Profit and loss account
Manufacturing account
Appropriation account
Correct answer is C
No explanation has been provided for this answer.
The production cost of a manufacturing firm is made up of
Indirect materials
Factory overheads and prime cost
Direct materials and wages
Factory overheads and directs materials
Correct answer is B
No explanation has been provided for this answer.
Administration cost
Selling and distribution cost
Overhead cost
Prime cost
Correct answer is C
No explanation has been provided for this answer.
The excess of the market value of goods produced over the cost of production is
Profit on manufacturing
Net profit
Goodwill
Gross profit
Correct answer is A
No explanation has been provided for this answer.