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 income and expenditure account differs from receipts and payments account because it
Accounts for notional charges
Records transactions that relate to the period on cash basis
Records transactions that relate to the period on accrual basis
Accounts for balance of cash at bank
Correct answer is B
Receipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account.
Current asset
Current liability
Fixed asset
Fictitious asset
Long term liability
Correct answer is A
No explanation has been provided for this answer.
When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at
A price above or below the stipulated price
Any price but not below the transfer price
Cost price
A price that is equal to the mark-up
Correct answer is B
Cost-plus pricing is a pricing strategy in which the selling price is determined by adding a specific amount markup to a product's unit cost.
Cost plus pricing involves adding a markup to the cost of goods and services to arrive at a selling price. Under this approach, you add together the direct materialcost, direct labor cost, and overhead costs for a product, and add to it a markup percentage in order to derive the price of the product.
N20,000
N17,000
N16,800
N12,000
N8,000
Correct answer is C
No explanation has been provided for this answer.
N225,000
N236,250
N247,500
N202,500
Correct answer is C
No explanation has been provided for this answer.