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.
Goodwill account and credit partners capital account
Cash account and credit goodwill account
Goodwill account and credit cash account
Partners capital account and credit goodwill account
Correct answer is D
When goodwill is raised in the books at full value, the entry is
Dr Goodwill Account
Cr Old partners capital account (old ratio)
When the raised goodwill is written off, entry will be:
Dr All partners capital account
Cr Goodwill accounts
Note: goodwill written off includes new partners in the new profit sharing ratio
Call in advance
Call in arrears
Forfeiture
Shares
Correct answer is B
is the amount called by the company which is not paid by the shareholders before the due date fixed for payment
Accountant general
Finance minister
Auditor general
Permanent secretary
Correct answer is C
Appropriation is the amount that government reserves for a particular purpose. Public expenditure is the spending made by government of a country on collective needs
Price above or below the stipulated price
Any price but not below the transfer price
Cost price
A price that is equal to the mark up
Correct answer is A
Cost plus mark up is a pricing strategy in which the selling price is determined by adding a specific amount mark up to a product unit cost
Advertising expenses incurred on a product in a business organization should be charged to
Sales department
Production department
Purchase department
Administration department
Correct answer is A
Advertising expenses are expenses incurred in order to enhance the sales of the company’s product/services