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.
Shares issued to a vendor in payment of business purchased would require a debit to
Cash account and credit to share capital account
Share capital account and credit to vendor's account
Vendor's account and credit to share capital account
Share capital account and credit to cash account
Correct answer is C
No explanation has been provided for this answer.
Calls in advance are treated in the balance sheet as
Current asset
Current liability
Fixed assets
Fixed liability
Correct answer is B
No explanation has been provided for this answer.
Preliminary expenses, credit cash accounts
Promoter, credit creditors' accounts
Lawyer's credit cash accounts
Cash, credit incorporation accounts
Correct answer is A
No explanation has been provided for this answer.
Which of the following events increases a corporation's shareholders equity?
Donation of shares out of the corporation's own stock to the corporation
The corporation's purchase of treasury stock
Shares of previously subscribed stock issue to subscribing stockholders
A municipality donation of land to the corporation
Correct answer is A
No explanation has been provided for this answer.
Earning per share
Redemption price per share
Book value per share
Call price per share
Correct answer is D
No explanation has been provided for this answer.