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.
₦11,970
₦11,000
₦1,250
₦12,053
Correct answer is A
12,250 + 550 - 830
13,080 - 830
₦11,970
Equipment Motor Vehicle Loan Creditors Sub in advance Sub in arrears |
₦ 10,000 15,000 4,500 3,000 150 3500 |
What is the accumulated fund?
₦14,150
₦20,850
₦21,850
₦14,200
Correct answer is B
Accumulated fund = Assets - liabilities
10,000 + 15,000 + 3500 - 4500 + 3000 + 150
28,500 - 7650
₦20,850
The similarities between Receipts and payments and income and expenditure account is
Both accounts follows the principle of double entry
They are summaries of financial statements
Both include capital items
Both are prepared by non-profit making concern
Correct answer is C
The receipts and payment accounts include both capital and revenue items while income and expenditure account include only revenue items.
In a non-profit making organisation, the excess of Assets over liabilities equals
Capital
Capital employed
Capital owned
Accumulated funds
Correct answer is D
The excess of the assets over the liabilities of a non-profit making concern is called Accumulated Fund. It is the capital of a non-profit making association. In order to ascertain the accumulated fund, a statement of affairs will be prepared.
Where there is no agreement made by the partners, the following provisions takes place except
No salary for partners acting in the business
There is interest on capital
No interest to be charged on drawings
Profit and loss are to be shared equally
Correct answer is B
According to section 24 of the partnership Act 1890. If no specific agreement is made by the partners, the following takes place:
1. No partners may introduce a new person without the consent of all other partners 2.5% interest a year on loans made by partner e.t.c