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.
Find the average stock for the period
N27,000
N23,000
N28,000
N20,500
Correct answer is D
No explanation has been provided for this answer.
Calculate the cash balance after the discount.
N2,760
N4,300
N6,200
N2,400
Correct answer is A
cash balance = debit side of the cash column - credit side of cash column. Hence we have;
Discount allowed = 0.02 x 2000 = 40
Debit column = 3000 + 1000 + 2000 + 200 = 6200
6200 - 40 (cash discount) = 6160
credit column = 200 + 3000 + 200 = 3400
6160 - 3400 = 2760
If Fatima was granted a discount of 2% what will be discount allowed?
N20
N40
N60
N4
Correct answer is B
Fatima cash purchase = 2000
Discount allowed = 2%
2/100 x 2000 = 40
When Your Silence Is Loud..& Your Eyes Speaking Volumes..
Calculate the value of credit sales.
N484,000
N448,000
N584,000
N558,000
Correct answer is B
160/100 x 280,000
1.6 x 280,000 = 448,000
credit sales = 448,000
Credit sales is given at 160% of cash received.
What is the balance c/d? debit 64300
N333,000
N234,000
N343,000
N243,000
Correct answer is D
Credit sales = 160% x 280,000 (cash receivable)
160/100 x 280,000
1.6 x 280,000 = 448,000
credit sales = 448,000
Bal c/d = debit side - credit side of the account. Hence we have;
Debit side = 87,000 + 488,000 + 58,000 + 50,000 = 643,000
credit side = 40,000 + 50,000 + 280,000 + 30,000 = 400,000
643,000 - 400,000 = 243,000
Bal c/d = 243,000