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 is not true of a partnership business without written agreement?
Profit and losses will shared equally
Interest not to be paid on capital
Interest on drawings is to be at the rate 5% per annum
Salaries are not allowed to partners
Money in excess of capital agreed to subscribe is to attract an interest of 5% per annum
Correct answer is C
No explanation has been provided for this answer.
Rate of stock turnover is defined as
Purchases over stock
Cost of goods available for sale over total of opening and closing stock
Cost of goods available for sale ovet total of opening and closing stock
Cost of goods sold over total opening and closing stock
Cost of goods sold over average stock
Correct answer is E
No explanation has been provided for this answer.
N3,460
N5,620
N14,170
N16,330
N18,490
Correct answer is C
No explanation has been provided for this answer.
Which of the following is treated under partnership appropriation account?
Interest on loan
Salary of workers
Electricity
Salary of partner
Travelling expenses of a partner
Correct answer is D
No explanation has been provided for this answer.
N512
N525
N640
N700
N800
Correct answer is C
No explanation has been provided for this answer.