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.
Capital account
Appropriation account
Drawings account
Profit and loss account
Correct answer is B
Interest on drawings is an income to the firm, and hence it is credited to the profit and loss appropriation account. On the other hand, interest on drawings is an expense to the partners, and hence it is debited to their capital accounts and credited to appropriation.
N67,500
N65,500
N65,000
N63,000
N61,000
Correct answer is E
No explanation has been provided for this answer.
N28,200
N23,200
N21,299
N19,200
N14,200
Correct answer is D
No explanation has been provided for this answer.
N49,000
N45,800
N43,800
N41,800
N38,800
Correct answer is D
No explanation has been provided for this answer.
5%
10%
12%
15%
Correct answer is A
In the Absent of an agreement, the partners will share profits and losses equally. If an agreement exists, partners divide profits based on the terms specified. Any reason can be used as the basis for establishing a profit-sharing ratio, but the two main factors are responsibility and capital contributions. Additional capital contributed attracts a 5% interest in the absence of a partnership agreement