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.
#8,700
#9,500
#9,700
#10,700
Correct answer is C
capital = assets - liabilities
8,000 +10,500 + 3500 - 2500 - 9800 = 9700
#5,700
#7,700
#9,800
#14,900
Correct answer is B
No explanation has been provided for this answer.
The total cash and cheques received from customers in a control account is derived from the
Purchases day book
Cash book
Income and expenditure account
Sales journal
Correct answer is B
No explanation has been provided for this answer.
What type of stock valuation would a vegetable seller adopt in valuing it's product?
LIFO
FIFO
Simple average
Weighted average
Correct answer is B
FIFO is a method of stock valuation that stands for 'First-In, First-Out'. This assumes that the first (oldest) units of stock produced or received are also the first ones that are sold. This is also suitable for perishable items
#2,550
#2,500
#2,350
#2,250
Correct answer is A
Closing capital = Opening Capital + Additional Capital + Profit - Less Loss - Drawings
1500 + 500 + 800 - 250 = 2550