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 following information to answer this question
| Year | ₦ |
| 1991 1992 1993 1994 |
14,000 24,000 10,000 16,000 |
It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is
32,000
16,000
30,000
64,000
Correct answer is B
| Average | profit | = | 14,000 + 24,000 + 10,000 + 16,000
4 |
| = | 64,000
4 |
= | ₦16,000 |
Shares that are offered to existing shareholders at a price is called
Par
Premium
Right issue
Bonus issue
Correct answer is C
Right issue are offered to existing shareholders in a company.
An ordinary share of ₦100 was issued at ₦80. The share was issued at
Premium
Par
Discount
Loss
Correct answer is C
Share issued at discount is a situation whereby shares are quoted below the nominal value.
Opening stock Purchases Sales Closing Stocks |
₦ 20,000 70,000 100,000 15,000 |
What was the gross profit?
₦35,000
₦75,000
₦50,000
₦25,000
Correct answer is D
Gross profit = sales - cost of goods sold
100,000 - 75,000
⇒ ₦25,000
| Opening stock | ₦ |
| Department A B |
100 800 |
| Purchases: A B Wages of workers Salaries |
1500 2000 50 100 |
| Sales A B |
3000 5000 |
Expenses are to be shared in the ratio of sales.
What was the cost of goods sold?
₦25,000
₦35,000
₦50,000
₦75,000
Correct answer is D
Cost of goods sold = Opening stock + Purchases - closing stocks
20,000 + 70,000 - 15,000
⇒ ₦75,000