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.
If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?
N500
N2,000
N2,500
N3,000
Correct answer is A
No explanation has been provided for this answer.
50% : 25%
50% : 20%
25% : 50%
25% :25%
Correct answer is A
No explanation has been provided for this answer.
Partners' salaries and drawings are usually posted to the
Trading account
Current account
Capital account
Partners' account
Correct answer is B
No explanation has been provided for this answer.
The excess of income over expenditure is usually transferred to the
Accumulated fund
Profit and loss account
Current assets in the balance sheet
Current liabilities in the balance sheet
Correct answer is A
No explanation has been provided for this answer.
N500
N1,500
N2,000
N2,500
Correct answer is C
No explanation has been provided for this answer.