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.
N2
N0.80
N0.60
N0.50
Correct answer is D
No explanation has been provided for this answer.
When shares issued are paid for, accounting entry required is
Debit bank or cash account and credit share capital and/or premium account
Credit bank or cash account and debit share capital and/or premium account
Debit shares account and credit capital account
Credit shares account and debit capital account
Correct answer is A
No explanation has been provided for this answer.
Under which of the following conditions is a partnership dissolved?
Change of partnership's head office
Admission of a new partner
Purchase of a large quantity of fixed asset
Retirement of a manager who is not a partner
Correct answer is B
No explanation has been provided for this answer.
N32,000
N40,000
N42,000
N50,000
Correct answer is D
Equity is the same as capital. This is funds paid into a business by investors in exchange for common or preferred stock.
50,000 is Wamo's equity contribution.
Goodwill appears in the books of a business only if it has been
Purchased at a certain price
Raised in connection with the admission of a new partner
Raised to account for the true value of a business on the death of a partner
Raised in order to prevent the balance sheet showing that the business is insolvent
Correct answer is B
No explanation has been provided for this answer.