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 source of funds available to a local government/district assembly includes
common fund allocation
none of the above
excise duties
road tolls
Correct answer is B
The sources of funds available to a local government/district assembly can vary depending on the specific jurisdiction and country. However, among the options provided, the following are commonly recognized as potential sources of funds for local governments/district assemblies:
Common fund allocation: Many countries allocate a portion of national revenue or taxes to local governments/district assemblies through a common fund. This fund ensures that local governments have a guaranteed source of funds to carry out their responsibilities and provide essential services to their communities.
Excise duties: Excise duties are taxes imposed on specific goods or services within a country. Local governments may receive a portion of excise duty revenues collected within their jurisdiction as a source of funding for their activities.
Road tolls: Local governments may generate revenue by implementing tolls on specific roads or highways within their jurisdiction. The funds collected from road tolls can be used to finance road maintenance, infrastructure development, and other related projects.
Foreign loans: Local governments/district assemblies may also have the option to seek external funding through foreign loans. This involves borrowing money from international financial institutions or foreign governments to finance specific projects or initiatives.
The part of capital issued only at the time of liquidation of the company is
Issued capital
Called-up capital
Paid-up capital
Reserved capital
Correct answer is D
A company may reserve a portion of its uncalled capital to be called only in the event of winding up of the company. Such uncalled amount is called 'Reserve Capital' of the company. It is available only for the creditors on winding up of the company.
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
| Purchases | 160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
|
Salaries |
27,600 |
|
Closing stock |
14,100 |
The net profit is
D 21,760
D 18,260
D 21,020
D 21,620
Correct answer is C
No explanation has been provided for this answer.
The journal has the following headings except
Date
Debit
Discount
Credit
Correct answer is C
The journal has debit, credit, date, particulars and folio. It is use to show narration in which the entries are posted to the ledgers.
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
|
Purchases |
160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The gross profit
D 39,360
D 38, 620
D 36,360
D 39,220
Correct answer is C
The given information states:
Sales: D195,000
Purchases: D160,000
Returns outwards: D880
Carriage inwards: D740
Returns inwards: D620
To calculate the cost of goods sold, we need to subtract the returns inwards and carriage inwards from the purchases:
Cost of Goods Sold = Purchases - Returns Inwards - Carriage Inwards
Cost of Goods Sold = D160,000 - D620 - D740
Cost of Goods Sold = D158,640
Gross Profit = Net Sales - Cost of Goods Sold
Gross Profit = D195,000 - D158,640
Gross Profit = D36,360