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 prudence concept demands that
Care is exercised in recognition of profit
Loss should be anticipated
Profit should be reported
Income should be recognized and disclosed
Correct answer is A
No explanation has been provided for this answer.
Materiality
Periodicity
Objectivity
Conservatism
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 ?? |
N20,500
N23,000
N28,000
N27,000
Correct answer is A
Average stock is the calculating the addition of stock at the beginning and at the end of the financial period and dividing the value by two.
It is the average value of products kept for sale during an accounting period.
Therefore:
Average stock = opening stock + closing stock/2
= 32000 + 9000/2
= 41000/2
=₦ 20500
Materiality
Periodicity
Objectivity
Conservatism
Correct answer is C
No explanation has been provided for this answer.
Account payable is classified as a
Prepayment
Provision
Current liability
Long term liability
Correct answer is C
No explanation has been provided for this answer.