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.
Cash received from the subscribed shares is recorded by debting?
Application, allotment and crediting cash
Allotment and crediting cash
Cash and crediting subscribed shares
Cash, crediting application and allotment account
Correct answer is D
No explanation has been provided for this answer.
Goodwill can be in the balance sheet as?
Fixed tangible asset
Current asset
Fictitious asset
Liquid asset
Correct answer is C
No explanation has been provided for this answer.
In partnership dissolution, an asset taken over by a partner is debited to?
Partners capital account and credited to realization account
Partners capital account and credited to asset account
Asset account and credited to realization account
Realization account and credited to capital account
Correct answer is A
No explanation has been provided for this answer.
The entry in the partnership books of accounts for interest on drawings is to?
Credit partners capital account
Debit partners capital account
Credit drawings account
Debit drawings account
Correct answer is B
No explanation has been provided for this answer.
N50
N100
N200
N250
Correct answer is B
No explanation has been provided for this answer.