Accounting questions and answers

Accounting Questions and Answers

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.

2,571.
2,574.

When goodwill is not retained in the business, the entries in the new partners' book will be to debit?

A.

Good account and credit partners' capital account

B.

Partners' capital account and credit goodwill account

C.

Cash account and credit goodwill account

D.

Goodwill account and credit cash account

Correct answer is B

No explanation has been provided for this answer.

2,575.

Departmentalization of accounts is useful because it shows the?

A.

Overall performance of a firm

B.

Price per unit of a product

C.

Cost per unit of a product

D.

Overall performance of a division

Correct answer is D

No explanation has been provided for this answer.