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 sum of direct cost in a manufacturing account is
Production cost
Prime cost
Total cost
Finance cost
Correct answer is B
Prime cost is the direct cost of a commodity in terms of the materials and labour involved in its production, excluding fixed costs.
Which of the following is not a purpose for which share premium may be utilized?
Issuing fully oaid bonus share
Writing off preliminary expenses
Settling salesman commission
Providing for redeemable preference
Correct answer is C
No explanation has been provided for this answer.
The first calculating machine in data processing was
Abacus
Pascal
Punched cards
Digital
Correct answer is A
No explanation has been provided for this answer.
The going concern concept assumes that
Every transaction is represented by a debit and credit entry
The currency much not change
The firm is a legal entity
The business will continue to operate indefinitely
Correct answer is D
No explanation has been provided for this answer.
₦20.000
₦20,8000
₦19,200
₦10,000
Correct answer is C
No explanation has been provided for this answer.