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.
Which of these is a content of a master file?
All records relevant to the organisation
Records of assets of the organisation
A collection of data items
All records relating to employees
Correct answer is A
All record relevant to the organization: the records which are only relevant to the organization such as the name and address as well as summary information such as amount due and year to date sales will be in master file
total credit sales
total of all the debtors of the firm
the total sales for the month
cash sales only
the double entry for the total of the sales account
Correct answer is A
No explanation has been provided for this answer.
A business marked up its cost by 50%. This would mean a gross profit of
33\(\frac{1}{3}\)% on the cost price
50% on the selling price
66 \(\frac{2}{3}\)% on the selling price
66\(\frac{2}{3}\)% on the market price
33\(\frac{1}{3}\)% on the selling price
Correct answer is E
No explanation has been provided for this answer.
N12,590
N13,740
N20,668
N21,610
N32,742
Correct answer is A
No explanation has been provided for this answer.
N19,092
N19,700
N19,700
N21,002
N21,002
Correct answer is A
No explanation has been provided for this answer.