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 Petroleum Technology Development Fund is under the
General fund
Contingency fund
Trust fund
Capital fund
Correct answer is D
No explanation has been provided for this answer.
The book into which all types of a ministry's expenditure are recorded is the
Ledger book
Payment book
Vote book
Expenditure book
Correct answer is C
A vote book is an accounts book which is used to record. and monitor expenditure in the public sector.
Which of the following is a source of revenue to the federation account?
Market fees
Bicycle licences
Tarrifs
Property rates
Correct answer is C
Tariff is a tax or duty to be paid on a particular class of imports or exports. It is a source of revenue to the government because these taxes are paid to the government of the importing country.
1
2
3
4
Correct answer is B
Turnover ratio is the cost of goods sold divided by the average stock for the same period
Cost of goods sold = opening stock + purchases - closing stock
25,120 + 44,880 - 27,840 = 42,160
Average stock = opening stock + closing stock / 2
25,120 + 27,840 = 52960 / 2 = 26,480
Turn over = 42,160 / 26,480 = 1.59 times Approximately 2 times
1:94:1
1:96:1
1:1:94
1:1:96
Correct answer is B
Acid test ratio = cash + cash equivalents + marketable securities + current accounts receivables / Total current liabilities