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.
Use the information below to answer the question.
| Total | P | Q | Total | P | Q | ||
| ₦ | ₦ | ₦ | ₦ | ₦ | ₦ | ||
| Stock | 3,000 | 2,000 | 1,000 | Sales | 10,000 | 6,000 | 4,000 |
| Purchase | 4,000 | 2,500 | 1,500 | Closing Stock | 2,000 | 1,500 | 500 |
Goods worth #300 was transferred from department Q to P. Similarly, P’s total expenses for the period was #200.
Department P’s net profit was
2,500
2,800
3,000
5,200
Correct answer is A
No explanation has been provided for this answer.
| |
|
|
Stock at branch 1st January at cost |
400 |
|
Goods sent to branch at cost |
8000 |
|
Returns to head office |
340 |
|
Cash sales |
9160 |
|
Stock at branch 31st December at cost |
720 |
Use the information below to answer the question.
Adex Ltd. Issues stock to its retail branches at cost price.
Calculate the cost of goods credited to the head office trading account
7200
7460
7500
7660
Correct answer is D
No explanation has been provided for this answer.
Use the information below to answer the question
| Liabilities ₦ | Assets ₦ |
| Capital 40,000 | Furnishing 10,000 |
| Ceiling Fan 1,500 | |
| Cash in Hand 28,500 | |
| 40,000 | 40,000 |
If at 31/1/95 the following information was ascertained:
(i). rent for shop #12,000 paid for the year
(ii). Total purchases #15,000
(iii). Total sales #8,200
(iv). Stock of goods left #10,000
(v). paid sales boy #500
What is the new balance sheet total as at 31/1/95?
40,000
41,500
41,700
48,500
Correct answer is C
Trading, profit and loss account for the month ended 31/1/95
For the month ended 31/1/95
₦ ₦
Sales 8200
Cost of sales:
Purchases 15000
Closing stock (10000) (5000)
Gross profit 3200
Gross profit b/d 3200
Sales commission 500
Rent 1000 (1500)
Net profit 1700
WORKINGS:
Rent paid for 12 months 12000
Rent paid for one month
12000 x 1/12 (1000)
Prepaid rent 11000
Balance sheet as at 31/1/95
Noncurrent asset:
Furnishing 10000
Ceiling fan 1500 11500
Current asset:
Cash (see cash account) 9200
Inventory 10000
Prepaid rent (see above) 11000 30200
41700
Capital 40000
Net profit (see p&l) 1,700
41700
36,000
31,000
20,000
30,000
Correct answer is C
Sales ledger control account
| Bal b/f 9,000 Dishonored cheque 4,000 credit sales 20,000 33,000 |
Returns inwards 3,000 Bal c/d 3,000 33,000 |
36,000
31,000
30,000
10,000
Correct answer is C
Total sales = credit sales + cash sales
20,000 + 10,000 = 30,000