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.
Agreement between partners is contained in the partnership
Act
Deeds
Accord
Deal
Correct answer is B
A partnership deed, also known as a partnership agreement, is a document that outlines in detail the rights and responsibilities of all parties to a business operation. It has the force of law and is designed to guide the partners in the conduct of the business.
Materiality concept
Matching concept
Constituency concept
Realization concept
Correct answer is D
The realization principle is the concept that revenue can only be recognized once the underlying goods or services associated with the revenue have been delivered or rendered, respectively.
Which of the following accounts has credit balance?
Return inwards account
Machinery account
Sales account
Cash account
Correct answer is C
Liabilities, revenues and sales, gains, and owner equity and stockholders' equity accounts normally have credit balances.
The minimum number of persons required to form a partnership business is
2
3
5
10
Correct answer is A
A minimum of two Persons is required to start a Partnership firm. A maximum number of 20 Partners are allowed in a Partnership firm. You require at least two persons to start a partnership firm.
Cash receipts and payments involving discounts are entered in
Three-column cash book
Two-column cash book
Analytical cash book
Petty cash book
Correct answer is A
No explanation has been provided for this answer.