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.
Which of the following are advantages of departmental accounts?
The capital of the business can be calculated easily
Easy knowledge of the sources of funding
Encouragement of healthy rivalry among the various department
The department making the highest profit can be easily determined
Correct answer is D
No explanation has been provided for this answer.
Four broad classifications of overheads are
Production, selling, distribution and administration
Production, selling, distribution and material
Selling, distribution and material
Distribution, selling, administration and materials
Correct answer is A
No explanation has been provided for this answer.
₦6,600
₦9,300
₦4,450
₦4,850
Correct answer is B
No explanation has been provided for this answer.
Sales day book
Cash book
Sales subsidiary book
Purchase day book
Correct answer is B
No explanation has been provided for this answer.
Use the information below to answer this question
A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.
₦7,000
₦11,000
₦4,000
₦24,000
Correct answer is A
No explanation has been provided for this answer.