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.
N10,100
N10,000
9,200
9,100
N7,000
Correct answer is A
No explanation has been provided for this answer.
N10,000
N8,000
N7,000
N6,900
N5,000
Correct answer is A
No explanation has been provided for this answer.
In which of the following is not stated in the partnership agreement?
Profit sharing ratio
Interest on capital
Interest on fixed asset
Purpose of partnership
Correct answer is D
Although each partnership agreement differs based on business objectives, certain terms should be detailed in the document, including percentage of ownership, division of profit and loss, length of the partnership, decision making and resolving disputes, partner authority, and withdrawal or death of a partner.
Goodwill is recognized in partnership accounts when
The business makes a huge profit
The business has good customer relationship
A partner is dormant
A new partner is admitted
Correct answer is D
Goodwill is recorded in the books only when some consideration in money or money’s worth is paid for it. Thus, in the context of a partnership firm, the need for valuation of goodwill arises at the time of:
Business entity
Going concern
Consistency
Duality
Correct answer is A
The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.