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.
Apart from the common control accounts, a control account can also be opened for?
Sales account
Purchases account
Cash account
Wages account
Correct answer is C
No explanation has been provided for this answer.
N11,500
N17,000
N16,500
N28,500
Correct answer is C
In this method of stock valuation, the average unit cost is calculated by multiplying the total of the unit costs by the number of receiving.
| issue price method | Date | Receipt | Issue | Balance | |||||
| Simple average | Qty | price | Value | Dispatch Qty | Balance | ||||
| 1/1 | 1000 | 10 | 10000 | - | 1000 | ||||
| 2/1 | 2000 | 12 | 24000 | - | 3000 | ||||
| 3/1 | - | - | - | 1500 | 1500 | ||||
| 4/1 | 1000 | 11 | 11000 | - | 2500 | ||||
| 5/1 | - | - | - | 1000 | 1500 | ||||
| Total | 4000 | 33 | 2500 | 1500 | |||||
The closing stock using simple average =
(33 ÷ 3) x 1500 = 16500
N34,000
N29,000
N17,000
N12,000
Correct answer is C
FIFO means first in first out. This method assumes that the oldest products in a company’s inventory have been sold first. The costs paid for those oldest products are the ones used in the calculation.
| issue price method | Date | Receipt | Issue | Balance | |||||
| FIFO | Qty | price | Value | Qty | price | Value | Qty | value | |
| 1/1 | 1000 | 10 | 10000 | - | - | - | 1000 | 10000 | |
| 2/1 | 2000 | 12 | 24000 | - | - | - | 3000 | 34000 | |
| 3/1 | - | - | - | 1500 | - | 1500 | 1500 | 18000 | |
| 4/1 | 1000 | 11 | 11000 | - | - | 2500 | 2500 | 27,500 | |
| 5/1 | - | - | - | 1000 | 1500 | 1500 | 16500 |
From the table above, value of closing stock using FIFO =
Total closing stock = 1500
previous stock bought at N12 = 500 units
Last stock bought at N11 = 1000 units
12 x 500 + (11 x 1000) = 17,000
Which of the following items are current assets?
Stock, bills receivable, cash and debtors
Stock, bill payable, cash and debtors
Stock, bad debt, bills receivable and cash
Stock, work-in-progress, cash and bills payable
Correct answer is A
Current assets include cash and other assets that are expected to be converted to cash within a year. Option A ''Stock, bills receivable, cash and debtors'' is correct.
- Stock are goods bought for the purpose of resale
- Bills receivable are incurred as a result of credit sales
- Cash is the available money at hand
- A debtor is a person, company, or other entity that owes money.
N2,600
N1,800
N800
N600
Correct answer is C
Working capital = current assets - current liabilities
2000 - 1200 = 800