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.
330
420
230
320
Correct answer is C
Feb1 : bought (200 × 2) = 400
feb 3 : bought (100 × 1) = 100 500
Feb 4 : issued (120× 2) = (240)
260
Feb 5: bought (50 x 3 = 150 410
Feb 5: issued (80 x 2) = (160)
'' '' '' (20x 1) = (20)
230
The value of the closing stock is ₦230
In the preparation of account, the owners of the business and the business concerned are treated as
Partners
Joint venture
The same person
Separate legal entities
Correct answer is D
The business entity concept state that business is treated as a separate entity from parties having proprietary or economic interest in it.
₦165,000
₦635,000
₦600,000
₦156,000
Correct answer is A
P = 400,000 - 250,000 + 15,000
P = ₦165,000
NOTE: Drawings are amounts or items given to the owner of a business for personal use. Till recovered, it is an asset. Drawings are not considered a business expense, therefore it is always added on the asset side of the balance sheet.
One of the limitations of accounting is that
It ascertain financial position
It prevent fraud
Transactions are recorded in monetary terms
It monitor the progress of the enterprise
Correct answer is C
In accounting, all transactions are recorded in monetary terms. There is no other terms of recording transactions except monetary terms.
Fixed assets Liabilities Current assets |
₦ 55,000 20,000 13,000 |
What is the capital?
₦88,000
₦48,000
₦62,000
₦55,000
Correct answer is B
Capital = Total Assets - Total liabilities
⇒ 55,000 + 13,000 - 20,000
68,000 - 20,000
₦48,000