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.
Use the following information to answer the question below
61.82%
38.17%
28.49%
14.25%
Correct answer is B
Gross profit = sales - cost of goods sold
= 18,600 - 11,500 = 7,100
Percentage = 7,100/18,600 x 100
= 38.17%
Share premium is classified in the balance sheet as
Fixed capital
Capital reserve
Revenue reserve
Short-term capital
Correct answer is B
No explanation has been provided for this answer.
Working capital is the excess of
Current assets over fixed assets
Current liabilities over current assets
Fixed assets over currents liabilities
Current assests over current
Correct answer is D
No explanation has been provided for this answer.
The formular for calculating depreciation using straight line method is
Cost-scrap value/useful life
Scrap value+sales/useful life
Sales-scrap value/useful life
Purshases+sales/useful life
Correct answer is A
No explanation has been provided for this answer.
Goodwill may be brought into the books when
No partner retires
Assets are more than liabilities
Profit for the period is high
A new partner is admitted
Correct answer is D
No explanation has been provided for this answer.