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.
The limitations of the receipts and payments account arise mainly because of the reliance on?
Cash movement as evidence of transaction
The accounting officer to report
The capital account of the organization
The transaction papers as evidence of transaction
Correct answer is A
No explanation has been provided for this answer.
N497,100
N457,700
N449,500
N440,300
Correct answer is C
No explanation has been provided for this answer.
The objective of allocating all costs to producer is to?
Produce a scientifically accurate cost
Avoid unallocated overhead and compute total accounts
Co-odinate the cost and financial accounts
Compute the contribution of the product to the final profit
Correct answer is D
No explanation has been provided for this answer.
The contribution marginal on a job is the?
Gross profit
Net profit
Excess of sales revnue over variable costs
Difference between fixed and variable costs
Correct answer is C
No explanation has been provided for this answer.
The statement of affairs prepared from incomplete records can be described as?
The summary of all the business transactions of the trader ascertained by the accountant
A balance sheet at a particular date showing the assets and liabilities of the business
A schedule of all the business ventures entered into for the period to which the records relates
The statement that shows the profit or loss made during the period
Correct answer is B
No explanation has been provided for this answer.