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.

1,301.

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the straight-line method, what is the depreciation charge for the second year?

A.

N128

B.

N140

C.

N160

D.

N175

E.

N200

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

1,302.

Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?

A.

Trading account

B.

Profit and loss account

C.

Balance sheet

D.

Income distribution account

E.

Appropriate account

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

1,303.

A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance method, what is the amount of depreciation for the second year?

A.

N128

B.

N140

C.

N160

D.

N175

E.

N200

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

1,304.

Which of the following is a current asset item?

A.

Goodwill

B.

Overdraft

C.

Preliminary expenses

D.

Prepayments

E.

Outstanding expense

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

1,305.

Where there is no partnership agreement, any contribution in excess of the agree capital attracts

A.

No interest at all

B.

Interest at the rate of 2 and half% per annum

C.

Interest at the rate 5% per anuum

D.

Interest at all

E.

Interest at the per annum

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.


Sub-categories

WAEC


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