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.
Share premium is an example of?
Revenue reserve
Capital reserve
General reserve
Loan capital
Correct answer is B
No explanation has been provided for this answer.
The expenses incurred in promoting a company are?
Promoters' expenses
Floating expenses
Preliminary expenses
The board's expenses
Correct answer is C
No explanation has been provided for this answer.
Debentures can be redeemed out of?
Existing share capital reserve
Existing general reserve
Proceeds from new issue of shares
Withholding tax
Correct answer is B
No explanation has been provided for this answer.
The accounting entry to record the premium on goodwill is to debit?
Cash and credit old partners' capital
Goodwill and credit revaluation
Assets and credit capital
Capital and credit assets
Correct answer is B
No explanation has been provided for this answer.
When a new partner is admitted to a partnership, there is a need to revalue the?
Capital of the business
Capital and liabilities of the business
Assets and capital of the business
Assets and liabilities of the business
Correct answer is D
No explanation has been provided for this answer.