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.

2,751.

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the

A.

Market value of goods produced

B.

Prime cost of production

C.

Indirect cost of production

D.

Goods produced

Correct answer is A

No explanation has been provided for this answer.

2,752.

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?

A.

Carriage outwards

B.

Carriage inwards

C.

Discounts received

D.

Returns outwards

Correct answer is A

No explanation has been provided for this answer.

2,753.

The concise statement used to explain entries in the general journal is known as

A.

Narration

B.

Summary

C.

Information

D.

Commentary

Correct answer is A

No explanation has been provided for this answer.