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.
Le 34,500
Le 32,000
Le 31,500
Le 26,500
Correct answer is C
29000 - 3000 = 26000
26000 + 5500 = 31500
Ordinary partners
Limited partners
Dormant partners
Sleeping partners
Correct answer is B
Limited partner is a partner in a company or venture whose liability towards its debts is legally limited to the extent of their investment.
The portion of authorized capital that has been allotted to subscribers
Called up capital
Paid up capital
Issued capital
Nominal capital
Correct answer is C
The Issued Capital refers to the number of shares issued by the company to the shareholders. In other words, the shares allotted or subsequently held by the shareholders is called the issued capital.
The term used to denote the capital of a not-for-profit making organization is
Annuity fund
Nominal capital
Circulating capital
Accumulated fund
Correct answer is D
An accumulated fund is the capital fund of a nonprofit organization. Money is directed into the accumulated fund when revenues are greater than expenditures and there is a budgetary surplus.
The equivalent of income and expenditure account in a trading concern is
Trading account
Profit and loss account
Appropriation account
Balance sheet
Correct answer is B
The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. Its equivalent is the profit and loss account .
An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period.