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.
Balance sheet
Manufacturing account
Trading account
Profit and loss account
Correct answer is D
No explanation has been provided for this answer.
Which of the following is not part of prime cost of production?
Depreciation of factory equipment
Direct expenses
Direct wages
Carriage on raw materials
Correct answer is A
Prime costs are all of the costs that are directly attributed to the production of each product. Prime costs are direct costs, meaning they include the costs of direct materials and direct labor involved in manufacturing an item. Companies use prime costs to price their products.
Unsecured creditors
Partner's loan and advances
Secured creditors
Partner's capital
Correct answer is C
A secured creditor is generally a bank or other asset-based lender that holds a fixed or floating charge over a business asset or assets. When a business becomes insolvent, sale of the specific asset over which security is held provides repayment for this category of creditor.
Bases
Techniques
Concepts
Method
Correct answer is C
Accounting concepts and conventions are the basic assumptions that underline the preparation of the periodic financial statements of a business.
Which of the following relates to the essence of partnership? To
Run a charity organization
Pursue a social objective
Form a business for profit
Run a religious objective
Correct answer is C
The purpose of partnership agreement (or partnership contract) is to establish a business enterprise through a legally binding contract between two or more individuals or other legal entities for profitability