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.
In a partnership goodwill is recognized when
A new partner is admitted
A partner is dormant
The business is making huge profit
The business has good customer relations
It is a limited partnership
Correct answer is A
No explanation has been provided for this answer.
An example of appropriation of profit in a company is
Salaries
Rent income
Debenture interest
Director's remuneration
Dividend
Correct answer is E
No explanation has been provided for this answer.
A Receipt and Payments Account reveals
Net profit
Surplus
Cash in hand
Gross profit
Net loss
Correct answer is C
No explanation has been provided for this answer.
Which of the following is not a capital expenditure to a local government?
Beds
Theatre equipment
Incubators
X-ray machine
Drugs
Correct answer is E
No explanation has been provided for this answer.
A sales day book is used to record
Cash sales of stock
Credit sales of stock
Cash and credit sales of stock
Cash sales of fixed assets
Credit sales of fixed assets
Correct answer is B
No explanation has been provided for this answer.