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.
#52,000
#68,300
#68,800
#69,300
Correct answer is C
opening stock 800
purchase 100,000
100,800
less; closing stock 1500 99,300
Salaries 30,000
Rates(1:2 of 1500= 1/3x1500) 500 30500
68,800
#23,500
#60,500
#60,700
#82,500
Correct answer is B
Sales - Cost of Goods Sold = Gross Profit.
Cost of goods sold = opening stock + purchases - closing stock
COGS= 2500 + 120000 - 3000 = 119,500
180,000 - 119,500 = 60,500
Sales
Purchases
Equality
Floor space
Correct answer is C
No explanation has been provided for this answer.
When shares are issued at a discount, entries are to debit
Application allotment account and credit discount account
Discount account and credit
Cash account and credit discount account
Discount account and credit bank account
Correct answer is A
No explanation has been provided for this answer.
Net income
Revenue reserve
Capital reserve
Net loss
Correct answer is C
Capital reserve is derived from the accumulated capital surplus of a company, created out of capital profit.