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 sole proprietorship is purchased for cash, then?
The purchaser debits his business purchase account with the consideration he pays
All assets and liabilities must be bought
Goodwill results where value of assets
The vendor debits his business purchase account with the considerstion he receives
Correct answer is A
No explanation has been provided for this answer.
They will simply continue since there are no new members
The partnership is formally ended and new company books opened
The shares and all other items will be shared equally and not in their former ratios
Computation of goodwill must be done as it is legally required
Correct answer is B
No explanation has been provided for this answer.
Goodwill account balance
Current account credit balance
Current account debit balance
Profit and loss credit balance
Correct answer is C
No explanation has been provided for this answer.
N7,500
N9,000
N12,500
N20,000
Correct answer is B
No explanation has been provided for this answer.
Goodwill can be valued in partnership when?
A partners make profits
Large losses are made
A partner retires
A new branch is opened
Correct answer is D
No explanation has been provided for this answer.