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.
Which of the following is a prime cost?
Royalty
Salary
Commission
Discounts allowed
Correct answer is A
Prime cost is the direct cost incurred during production. Royalty is paid on production basis and on sales basis. If it is paid on production basis then it is considered direct expense (prime cost) and debited to Trading Account.
The amount for which a business is sold is that
Goodwill
Considerated fund
Purchase
Considerations
Capital reserve
Correct answer is D
Consideration is a payment made by one party to another in exchange for the transfer of something of value. It must be of value to both parties entering into a transaction.
Le 12,400
Le 6,000
Le 2,400
Le 2,000
Correct answer is C
The wages owed as at 30/6/08, wages of Le 2,400
The collection and organization of data is
Accounting process
Central processing
Data processing
Data manipulation
Correct answer is C
Data processing is the carrying out of operations on data, especially by a computer, to retrieve, transform, or classify information.
Le 2,400
Le 8,400
Le 8,000
Le 7,600
Correct answer is B
No explanation has been provided for this answer.