Accounting questions and answers

Accounting Questions and Answers

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.

897.

The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?

A.

#184,000

B.

#196,500

C.

#212,000

D.

#168,500

Correct answer is D

The net working capital formula is calculated by subtracting the current liabilities from the current assets. 
Assets = 190,500
liabilities = 14,000 + 8,000 = 22,000
190,500 - 22,000 = 168,000 (capital)