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Read More Section Financial Management. Understand the concept clearly by consistently practicing the Multiple Choice Questions and score well in your exams. Nogueira, Nuno Ribeiro.
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Ace Your Accounting & Bookkeeping Exam With Free Questions and Answers 
During January Mahama was run over by an invalid car on the highway and was found to have died penniless. Agueliya decided to provide for this amount as a specific provision. Instead, he relies on details of cash receipts and payments, bank statements and files of invoices. You have discovered the following. Depreciation charges for the year on the second-hand van can be ignored.
A contra settlement arrangement has been agreed by both Tianshi and Harry Governor. You discover the following. Although the insurance company denied liability originally, in recent days, the decision has been changed as they have agreed to pay R, as settlement. The price tag on this vehicle in the showroom was R24, This premium was included in the insurance charge of R11, debited in the draft profit and loss account.
There was also an unpaid account of R for sundry expenses. He has not paid for these. Question Triple Star Company Ltd Control Accounts Ronaldo and Movete plc is a company specialized in the manufacturing and sale of digital televisions. Rs Sales excluing VAT , Value added tax 83, , b Sales returns For the last month of the year, returns were Rs1, but there is a mistake in the addition of the total column of one sheet resulting in a total which is Rs lower than the correct figure.
Moreover, including in the total of Rs14, representing returns for the year, the figure of Rs1, was taken as Rs1, It was presented again and duly honoured. This includes a debit balance of Rs standing on an account in the name of a director. A ledger sheet relating to the Western sector area has been misfiled in the Northern sector at the time when the balances were extracted. It shows a credit balance of Rs1, Whilst the intention was to bank all takings intact, you have discovered that, in addition to cash drawings, the following payments were made out of taking before banking.
This fee is not recoverable. In addition to his practice, Euzebius has two part-time hospital consultancy appointments. Property costs are shared between occupants in proportion to space occupied. Monthly payments on account are made by each specialist into a separate bank account, out of which the costs are paid. For the year under review this statement shows the following. Finished goods are transferred to the warehouse as soon as they are completed.
During the year under review, 10, units were completed and transferred to the warehouse. Stocks of finished goods are valued at the transfer price for the trading account but at factory cost for balance sheet purposes. He started business on the same date, with arrangements to supply Wheelietrash to a wholesaler in West Africa, Ghana to be distributed all over Africa to reduce waste in the continent.
For the sake of accounting harmonisation, all takings are paid in the US dollar. The workshop is solely for manufacturing purposes. Before opening the account, Trash had made the following payments out of his private account.
No cash discounts were allowed and there were no bad debts. There were no stocks of partly finished units and during the year no sets were lost or scrapped. The manufacturing tools are to be dealt with by revaluation.
Question Akasanoma Vision Ltd Manufacturers Akasanoma Vision Ltd is an old established company operating in the highly competitive business of manufacturing and marketing digital stereo system. A standard model radio has the following disclosed costs.
Prior to that date Wawa was in business as a sole trader. He drew this amount during the year, and it has been included in salaries charged to profit and loss account. Assume goods are sold to the partners at cost. For the purpose of the draft accounts, the depreciation has been based on the cost figures as shown in the list of balances. Requirements Prepare the following.
No other entries have been made. The amount paid has been credited in the cash book but no other entries made. The question of debenture interest has been dealt with correctly. No entries recording this issue have been made. Directors: Cyril S. No liabilities were taken over. The directors wish to incorporate this into the accounts. The following depreciation was charged for the year.
This has not been paid at the year-end and is included in trade creditors. Include notes on assets, stocks, creditors, share capital and reserves. An accounting policies note is not required. Describe these concepts and give an example of the application of each. Question Atongo, The Science Student Atongo is a science student operating a small medical supplies shop. He has never heard of accounting concepts, and would certainly not know what to do with them if he cames across them.
Requirement Prepare notes for a meeting with Atongo in order to explain to him which of the fundamental accounting concepts would cause you to make adjustments to the accounts of his business in the following circumstances. Give your reasons. Assume that each circumstance is separate from and not dependent on the others. He proposes to account only for what has already been paid. He cannot see any point in any half-way between the two.
Much of his stock has passed its sell-by dates. In recent years, no dividends have been paid. Question Kingdom Furniture Plc Kingdom Furniture plc manufactures and distributes furniture to their customers from a showroom.
Their financial statements are prepared and the summarized accounts are set out below. During the year a professional revalution — taking account of additions during the year — has been incorporated in the books of account. There were no disposals during the year. There were no disposals. Pending the purchase of new plant, part of the proceeds of the issue has been invested. You have been asked by a client to investigate the company with a view to a possible buy-out.
Assets less C. He is unable to introduce further capital into the business from his own resources and the bank is not willing to offer more funds withhout a security. The overdraft is secured by the business assets but the manager says that these assets are of adequate value only for as long as the business remains a going concern.
The manager, who has the accounts for the previous year, says that if this is the case he can only think that Kafui has substantially increased his personal drawings from the business. Kafui gives you the following information. Kafui thinks that the loss of this facility has almost doubled the value of his average stock.
Treat drawings as a return on investment. The following fixed assets were bought during the year. He has a small garage business and his accountant has just finished preparing the accounts for his first year of trading. Prudent approach is necessary, also the concept of accruals is very important. Not acceptable to value at prime cost. Valuing inventory at low figures will not of itself help cash flow although, as profit will be reduced, the outgoings for bonuses, taxation and dividends may also be reduced.
Not acceptable — cannot include selling costs or costs not related to production. Budgeted cost not acceptable. Opinion Inventory should be valued at lower of cost and net realisable value in accordance with the Interational Accounting Standard 2.
Inventory Accounting Questions And Answers Pdf
For the sake of quality, our forum is currently "Restricted" to invitation-only. Lost your password? Please enter your email address. You will receive a link and will create a new password via email. We have a collection of top finance and accounting interview questions compiled with real-life experiences and research with working professionals. They are a must-read for all job seekers especially freshers and intermediate level candidates with an experience range of years.
Download PDF Here are accounting interview questions for fresher as well as experienced candidates to get their dream job. Accounting is chosen as a profession because: Become a part of an extensive network of professionals. Accept or experience a challenging role. Explore new opportunities. Offers all kinds of career options. Skills needed to work as an accountant are: Excellent at math Strong analytical skills Structured work style Aptitude for technology.
Do not have an account? Toggle navigation Menu. Answer Report Discuss. Option: D Explanation : Click on Discuss to view users comments. Shilpa said: pm on Friday 31st March
Full Accounting Questions and Answers
Correct answer: A it is purely an accounting entry. Reserve for bad debt D. This leads to the question of how. These are psychological profile questions, and the answers given indicate personal preferences.
Basic Accounting Test Questions Answers. Accounting Quiz Guide. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations.
Financial Management Questions And Answers Pdf
Here is a list of full accounting questions and answers that can be found on this site, along with a brief description of each one. Please note that these are generally intermediate to advanced exercises. I would definitely recommend to time yourself when you practice each of these exercises. This will help ensure you're not taking too long to complete each question and will help you get used to doing exercises under exam settings. For your convenience, difficulty levels and time limits are stated for each of these exercises at the top of each page. Here are a bunch of questions on specialized topics submitted by fellow accounting students from around the world, with detailed explanations:.
- Вы не первый. Они уже пытались сделать то же самое в Мулен Руж, в отеле Брауне пэлис и в Голфиньо в Лагосе. Но что попало на газетную полосу.
Но когда он начал подниматься на следующую ступеньку, не выпуская Сьюзан из рук, произошло нечто неожиданное. За спиной у него послышался какой-то звук. Он замер, чувствуя мощный прилив адреналина. Неужели Стратмор каким-то образом проскользнул наверх. Разум говорил ему, что Стратмор должен быть не наверху, а внизу. Однако звук повторился, на этот раз громче. Явный звук шагов на верхней площадке.