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.
If an organization maintains a periodic stock system, the stock quantities are?
Updated at the end of the accounting year
Not considered in the updating process
Updated continuously
Updated at the beginning of the accounting year
Correct answer is A
In accounting, a financial period is calculated on a yearly basis. Accounts are prepared at the end of the year.
N780
N800
N1200
N200
Correct answer is B
The business owner made a provision of 500 as bad debt. Total debt owed was 20,000. At the end of the period, bad debts was 4%. Hence we have;
4% x 20000
0.04 x 20000 = 800
N500
N820
N1300
N300
Correct answer is D
The business owner made a provision of 500 as bad debt. Total debt owed was 20,000. At the end of the period, bad debts was 4%. Hence we have;
4% x 20000
0.04 x 20000 = 800
we subtract the total bad debt from the amount that was initially provided for bad debt and charge it to the profit and loss account as a expense
Provision for bad debts = 500
800 - 500 = 300
Benefit enjoyed for which payments have not been made are?
Accruals
Prepayments
Acquisitions
Provisions
Correct answer is A
No explanation has been provided for this answer.
N4,600
N5,000
N6,400
N4,400
Correct answer is D
sales 10900
- Returns inwards 600
-carriage outwards 300
10000
opening stock 1000
purchase 4000
- returns outwards 800 3200
+ carriage inwards 200
goods avail. for sale 4400
less; closing stock 2000
carriage outwards 300 2300 2100
Gross profit 7900