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.
Interest on a partner's drawings is debited to the
Partners current account and credited to the profit and loss appropriation account
Profit and loss appropriation account and credited to the partner's current account
Profit and loss account and credited to the partner's current account
Partner's current account and credited to the profit and loss account
Correct answer is A
No explanation has been provided for this answer.
Which of the following is a strong feature of partnership?
The life of the partnership is generally assumed to be indefinite
The owners are liable personally for all debts of the business
The transfer of ownership interest is frequent and easy to accomplish
The partnership is complex to form because of many legal and reporting requirements
Correct answer is B
No explanation has been provided for this answer.
Current asset
Current liability
Capital
Profit
Correct answer is B
No explanation has been provided for this answer.
Appropriation account
Balance sheet
Income and expenditure account
Receipts and payment account
Correct answer is C
No explanation has been provided for this answer.
Credited to the income and expenditure account and shown as a liability in the balance sheet
Debited to the income and expenditure account and shown as an asset in the balance sheet
Credited to the income and expenditure account and shown as a liability in the balance sheet
Debited to the income and expenditure account and shown as a liability in the balance sheet
Correct answer is B
No explanation has been provided for this answer.