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.
2 : 3
3 : 2
6 : 5
5 : 6
Correct answer is A
Divide the net assets contributed by each partner by the total partnership's assets. This is the accountant ratio for income sharing. For instance, if the total assets of a company are $100,000 and the contribution of one partner is $10,000, the accounting ratio for this partner would be 0.1.
Timo = 100,000
chris = 150,000
Total = 250,000
Timo =100,000 / 250,000 = 0.4
chris = 150,000 / 250,000 = 0.6
This can be interpreted as 2:3 ratio
Materiality
Accrual
Going concern
Business entity
Correct answer is A
Materiality states that only items of material values are recorded e.g. the cost of a stapler should not be capitalized but expensed just as kitchen cutlery.
Prime cost is one of the following
Expenses which can be identified with an allocated to cost centers
Aggregate direct material cost, direct labour cost and variable direct expenses
The cost taken into account in the production process whether direct or indirect
The cost of commodities supply to an undertaking
Correct answer is B
Prime cost is the direct cost of a commodity in terms of the materials and labour involved in its production, excluding fixed costs.
Drawing account
Capital account
Creditor account
Appropriation account
Correct answer is B
The Major Difference Of The Financial Statement between a Sole Proprietorship And Partnership is More than one capital account. The number of capital accounts depends on the number of partners in the Partnership concern. Profit & loss is distributed to the partners' capital account according to the agreed ratio
Use the information below to answer this question.
N19,800
N49,500
N48,000
N29,700
Correct answer is D
No explanation has been provided for this answer.