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.
The issued share capital is the number of shares that are
Shared among the directors
Authorised by the shareholders
Fully subscribed
In the share certificate
Correct answer is B
The issued share capital is the number of shares that are
Interest on partners drawings are debited in the
Partners current accounts and credited to the appropriation account
Drawings account and credited to the profit and loss account
Profit and loss account and credited to the partners current account
Profit and loss account and credited to the partners' drawings accountÂ
Correct answer is A
No explanation has been provided for this answer.
Where there is no agreement between the partners, the Partnership Act states that
5% interest is to be paid on capital
Profit and losses are to be shared in proportion to their capital
50% interest is to be charged on drawings
No salary is to be paid to partners
Correct answer is B
No explanation has been provided for this answer.
In a not-for-profit making organization, the Receipts and Payments Accounts is the equivalent of
Profit and Loss Accounts
Income and expenditure Accounts
Cash Book
Balance Sheet
Correct answer is C
No explanation has been provided for this answer.
Receipt and payments
Revenue and expenditure
Financial position
Profit or loss
Correct answer is C
No explanation has been provided for this answer.