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.
Which of the following cannot depreciate?
Plant and machinery
motor van
Premises
Land
Correct answer is D
Land is permanent. It does not wear and tear. Rather it appreciates in value over time.
Which of the following is not charged to the manufacturing account?
Direct expenses
Factory wages
Distribution expenses
Raw materials
Correct answer is C
No explanation has been provided for this answer.
The manufacturing account is prepared to ascertain
Cost of goods sold
Cost of production
Gross profit
Finished goods
Correct answer is B
The manufacturing account forms an integral part of the revenue account of a manufacturing organization. It is prepared to know the cost of the goods manufactured or to ascertain the amount of any profit on the manufacturing process i.e the cost of production.
Profit
Capital
Loss
Cash
Correct answer is C
The difference between opening and closing capital will give either a profit or loss.
If the opening capital is greater than closing capital then loss and vice versa.
₦550
₦12,250
₦12,530
₦830
Correct answer is D
The creditors at end figure is used for the balance sheet.