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.
Cost reports for the intention of management should reflect?
As much details as possible
Summary figures only
Details of non-controllable expenses
Cost and comparable data useful in decision-making
Correct answer is D
No explanation has been provided for this answer.
The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?
Ist September, 1960
Ist October, 1960
Ist October,1963
Ist , September,1965
Correct answer is D
No explanation has been provided for this answer.
N26,630
N27,038
N27,150
N27,280
Correct answer is A
No explanation has been provided for this answer.
Decrease in the closing balance of sales ledger control account
Increase in net profit
Increase in the value of sales
Decrease in the value of purchases in the trading account
Correct answer is A
No explanation has been provided for this answer.
In the absence of a sales day book or sales account the credit for sales can be computed from
Creditors control account
Debtors control account
Opening figures of the balance sheet
Closing figures of the balance sheet
Correct answer is B
The sales day book is used in recording credit sales. In the absence of this book, credit sales can be recorded in the debtors' book. Debtors are outsiders with who a business may have transacted business and are owing the business. While creditors are those the business is owing.