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 following information were extracted from the books of Miliki state
Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds |
₦ 2,900,000 920,000 300,000 45,000 76,000 425,000 |
Recurrent expenditure is
₦345,000
₦3,245,000
₦421,000
₦4,245,000
Correct answer is C
| Recurrent expenditure | ₦ |
| Stationery Electricity Purchase of drugs |
300,000 45,000 76,000 |
| 421,000 |
6000
1000
1500
2500
Correct answer is C
No explanation has been provided for this answer.
Estimate
Depreciation
Asset
Useful Life
Correct answer is B
Depreciation is the reduction in the economic service potentials of an asset as a result of wears, usuage, tears and passage of time.
Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials |
₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000 |
220,480
213,480
200,480
190,000
Correct answer is A
Cost of Raw material consumed Manufacturing Wages Direct expenses |
₦ 152,600 52,860 12,500 |
| 220,480 |
| Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials |
₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000 |
Cost of raw materials consumed is
₦53,000
₦150,000
₦152,120
₦148,120
Correct answer is C
| ₦ | ₦ | |
| Opening stock of raw materials Purchase of Raw material Carriage Inwards |
145,600 7000 |
32,160 |
less closing stock |
184,760 29,640 |
|
| Cost of Raw materials consumed | 155,120 |