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.
Where partners maintain a fluctuating capital account, partners' share of profit is credited to
Capital account
Profit and loss appropriate account
Current account
Profit and loss account
Correct answer is A
No explanation has been provided for this answer.
Carriage inwards
Carriage outwards
Discount received
Returns outwards
Correct answer is B
No explanation has been provided for this answer.
A limitation of the money measurement concept is that
it results in inaccurate financial statements
financial statement is not easily understood
important non-monetary activities are not reported
the reports are not comparable to that of other businesses
Correct answer is C
No explanation has been provided for this answer.
Depreciation of plant and machinery Factory rent Indirect wages General indirect expenses Lubricants Carriage inwards Factory power Bank charges Carriage outwards |
₦ 1,600 650 695 726 1,235 829 350 612 2,900 |
Determine the total factory overhead cost
₦4,485
₦6,085
₦6,556
₦5,256
Correct answer is D
No explanation has been provided for this answer.
The ordinary shareholders enjoy the following right except the right to
Receive dividends at a predetermined rate
Vote at annual general meetings
Elect the board of directors
Participate in additional issues of shares
Correct answer is A
No explanation has been provided for this answer.