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.

1,061.

The trial balance showed wages, N2,500 and a note stated that N500 wages, were due but unpaid when preparing final accounts and loss account with

A.

N3000 and show wages accrued N500 in the balance sheet in the balance sheet

B.

N2000 and show wages accured N500 in the balance sheet

C.

N3000 and show wages prepaid N 500 in the balance sheet

D.

N2000 and show wages paid in advance N500 in the balance sheet

Correct answer is A

No explanation has been provided for this answer.

1,062.

What was the balance showed wages, N2,500 and a note stated that N500 wages were due but unpaid when preparing final accounts and loss account with

A.

N3,000 and show wages accrued N500 in the balance sheet

B.

N2,000 and show wages accrued N500 in the balance sheet

C.

N3,000 and show wages perpaid N500 in the balance sheet

D.

N2,000 and show wages paid in advance N500 in the balace sheet

Correct answer is C

No explanation has been provided for this answer.

1,063.

Trade creditors account was maintained at 25% of the capital.

What was the balance in the trade creditors account as at 31/12/92?

A.

N29,800

B.

N29,500

C.

N29,400

D.

N29,000

Correct answer is C

No explanation has been provided for this answer.

1,064.

The book value of the assets as at 31/12/86 was

A.

N3,731,250.00

B.

N2,487,500.00

C.

N1,268,750.00

D.

N1,020,000. 00

Correct answer is A

No explanation has been provided for this answer.

1,065.

Accumulated depreciation on the asset as at 31/12/81 was

A.

N2,487,500.00

B.

N2,736,250.00

C.

N4,511,192.00

D.

N4,975,000.00

Correct answer is B

No explanation has been provided for this answer.