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.
The realization concept states that
Revenue is recognized as being earned when ownership of goods passes to the customer
Revenue and profit should not be anticipated
Similar way from one accounting period to another
Transaction must be expressed in monetary term
Correct answer is D
The realization principle is the concept that revenue can only be recognized once the underlying goods or services associated with the revenue have been delivered or rendered, respectively. Thus, revenue can only be recognized after it has been earned. Advance payment for goods.
Realization concept
Materiality convention
Marching concept
Consistency convention
Correct answer is B
This accounting convention proposed that while accounting, only those transactions which have material impact on financial status of the organization will be considered and other transactions which have insignificant effect will be ignored. It gives relative importance to an item or event.
₦142,000
₦151,000
₦110,000
₦92,000
Correct answer is A
Overhead cost are cost not directly associated with the production of goods and services. It includes Payroll costs -- including salary, liability and employee insurance.
30000 + 50000 + 62000 = 142000
₦152,190
₦199,190
₦169,190
₦146,190
Correct answer is A
Prime cost is the total of all direct cost incurred during production.
Direct material + direct labour+ direct cost
129,640 + 24750 + 10,000 - 12,000 = 152190
₦121,440
₦119,390
₦111,190
₦101,190
Correct answer is B
The value of raw material = opening stock + purchase + carriage cost
24,750 + 129,640 + 10,000 - 45,000
N119,390