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.
N46,000
N45,000
N28,000
N27,000
Correct answer is C
Trading profit and Loss Account
|
opening stock 4,000 Gross profit 31,000 |
Sales 50,000 G.profit b/d 31000 |
49,000
48,000
31,000
30,000
Correct answer is C
Trading profit and Loss Account
|
opening stock 4,000 Gross profit 31,000 |
Sales 50,000 G.profit b/d 31000 |
Autonomous costs
Service costs
Supporting cost
Subsidiary costs
Correct answer is B
Service costs are the costs incurred to provide or deliver a service. They have the element of manufacturing cost but are not directly involved in production. They include cost such as the use of power and water; fee for use of furniture carpeting/curtains, costs such as cleaning of common areas, costs of concierge or maintenance of common garden.
Which of the following is an item in the debit side of the sales ledger control account?
Interest charged by suppliers
Bills receivable honored
Transfer of credit balances from credit control account
Transfer of debit balance from creditors control account
Correct answer is A
Recall sales ledger control account are used to track trade debtors, that is goods sold on credit. We already know that we debit all income and credit expenses. The debit side of the account contains interest charged by suppliers because the goods were sold on credit and its considered an income.
Which of the following is a debit item in the purchases ledger control account?
Balance b/d
Cheque dishonoured
Purchases
Balance c/d
Correct answer is D
No explanation has been provided for this answer.