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.
On sales of motor vehicle
On sales of stock in trade
From trade debtors
From trading activities
Correct answer is A
Capital receipts are receipts that create liabilities or reduce financial assets. Option A is correct, because when a business sells its motor van, it leads to a reduction in assets
The addition of prime cost and factory overhead is
Total factory overheads
Market value of goods produced
Cost of goods produced
Work-in-progress
Correct answer is C
The cost of goods manufactured equation is calculated by adding the total manufacturing costs; including all direct materials, direct labor (prime cost) and factory overhead; to the beginning work in process inventory and subtracting the ending goods in process inventory.
Which of the following is a trading account item?
Discount allowed
Discount recieved
Carriage outwards
Carriage inwards
Correct answer is D
Carriage inwards is the shipping and handling costs incurred by a company that is receiving goods from suppliers. It is added to the cost of purchase and recorded in the trading account
The process of entering transaction from one book to another is
Reading
Posting
Numbering
Listing
Correct answer is B
Posting in accounting is when the balances in sub-ledgers and the general journal are shifted into the general ledger.
Fixed assets and current assets
Assets and long term liabilities
Assets and liabilities
Assets and capital
Correct answer is C
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity.