Accounting questions and answers

Accounting Questions and Answers

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.

2,546.

The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?

A.

N35m

B.

N14m

C.

N56m

D.

N28m

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

2,547.

A pension granted to any past president or vice-president shall be charged to the?

A.

Consolidation revenue fund

B.

Special pension fund

C.

Contingency fund

D.

Development fund

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

2,548.

Partners' share of profit is credited to? 

A.

A partner's current account

B.

A partner's capital account

C.

The profit and loss account

D.

The profit and loss appropriation account

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

2,549.

The gross profit disclosed in the branch stock adjustment account represents?

A.

Head office profit

B.

Unrealized profit

C.

Estimated profit

D.

Branch profit

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

2,550.

Lighting..................N2925
Rent......................N2640
Salary....................N4050

The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

Find the salary charged to Zera product?

A.

N1854

B.

N1845

C.

N1062

D.

N1134

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.


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