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.
Calls in advance are treated in the balance sheet as______
Current asset
Fixed asset
Current liability
Fixed liability
Correct answer is C
Calls in advance is treated as a current liability until the calls are made and the amount actually becomes payable by the shareholders
1 : 1
3 : 6
2 : 1
2 : 6
Correct answer is C
The existing ratio between Tony and Rose = 2/6 and 1/6
Ade’s ratio = 3/6
Ade’s share to be taken by Tony and Rose in the ratio 2 : 1
Tony gets: 3/6 x 2/6
= 6/18
Rose gets: 3/6 x 1/3
= 3/18
New ratio between Tony and Rose = 6 : 3
= 2 : 1
Gross profit in the branch adjustment account is transferred to the branch____________
Income and expenditure account
Profit and loss account
Receipt and payment account
Trading account
Correct answer is B
Records profit on branch account
Cash account
Purchase account
Goodwill account
Sales account
Correct answer is C
Goodwill is the excess of purchase consideration over the total value of the business
Use the following information to answer the question below
N4,500
N4,250
N3,000
N2,750
Correct answer is D
No explanation has been provided for this answer.