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 information above to answer the question
N370,000
N230,000
N150,000
N140,000
Correct answer is D
Gross profit = sales - cost of goods sold
370,000 - 230,000 = 140,000
The 5% discount shown above indicates
Trade discount
Cash discount
Discount allowed
Discount received
Correct answer is A
A trade discount is the amount by which a manufacturer or wholesaler reduces the retail price of a product when it sells to a reseller, rather than to the end customer.
Given:
From the above information, the gross profit from department X is
N3,800
N2,300
N2,200
N2,000
Correct answer is C
Gross profit = sales - cost of goods sold
3000 - 800 = 2200
415,000 debit
215,000 credit
215,000 debit
315,000
Correct answer is C
Income = 210,000 + 80,000 + 60,000 = 350,000
Expenditure = 20,000 + 15,000 +40,000 10,000 + 50,000 = 135,000
350,000 - 135,000 = 215,000 Debit balance (income)
Calculate the cost of goods sold.
N61,000
N58,000
N62,000
N57,000
Correct answer is C
No explanation has been provided for this answer.