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.
Discount allowed is shown in financial statements as
An asset
An income
A liability
An expenses
Correct answer is D
Expenses are total amount paid or to be paid for resources used in the accounting period e.g wages, electricity, discount allowed, carriage outward etc.
₦5,000
₦8,000
₦2,000
₦3,000
Correct answer is B
No explanation has been provided for this answer.
₦3,000
₦4,000
₦1,000
₦2,000
Correct answer is B
No explanation has been provided for this answer.
Lighting and cooling expenses
Carriage outwards
Carriage inwards
Selling and distribution expenses
Correct answer is C
Carriage inwards, discounts received are suggested basis of allocation for purchases.
If sales is D 12,000 and the gross profit mark -up percentage is 25%. What is the cost of sales?
D 2,400
D 9,000
D 9,600
D 3,000
Correct answer is B
Calculate the gross profit using the gross profit mark-up percentage:
Gross Profit = Sales Amount * (Gross Profit Mark-up Percentage / 100)
Gross Profit = D12,000 * (25 / 100)
Gross Profit = D12,000 * 0.25
Gross Profit = D3,000
Calculate the cost of sales by subtracting the gross profit from the sales amount:
Cost of Sales = Sales Amount - Gross Profit
Cost of Sales = D12,000 - D3,000
Cost of Sales = D9,000
Therefore, the cost of sales is D9,000.