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.
36,000
31,000
20,000
30,000
Correct answer is C
Sales ledger control account
| Bal b/f 9,000 Dishonored cheque 4,000 credit sales 20,000 33,000 |
Returns inwards 3,000 Bal c/d 3,000 33,000 |
36,000
31,000
30,000
10,000
Correct answer is C
Total sales = credit sales + cash sales
20,000 + 10,000 = 30,000
N16,000
N15,000
N12,800
N12,000
Correct answer is A
No explanation has been provided for this answer.
Carriage outward expenses of a business are treated in the
Balance sheet
Income surplus account
Profit and loss account
Trading account
Correct answer is C
No explanation has been provided for this answer.
Use the information below to answer question:
Trading account for the year ended 31st December 2009
| ₦ | ₦ |
| Opening Stock 32,000 | Sales 48,000 |
| Purchases 40,000 | Less Return 2,000 |
| Carriage inwards 1,000 | |
| 41,000 | |
| Less Return 2,000 39,000 | |
| Cost of goods available ?? | |
| Less closing stock 9,000 | |
| Cost of goods sold ?? |
Calculate the cost of goods sold
61,000
62,000
58,000
57,000
Correct answer is B
Cost of goods sold is the direct costs attributable to the production of the goods sold in a company.
Cost of goods available for sale (32000 + 39000) = 71000
Less closing stock = 9000
Cost of goods sold = 7100 - 9000
= 62000