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.
#50,000
#70,000
#90,000
#60,000
Correct answer is B
Kukuma's current capital = 10,000 ( interest on capital) + 60,000( share of of profit i.e 2/5 x 125,000)
= 70,000
Use the following information to answer questions below
#60,000
#90,000
#75,000
#50,000
Correct answer is C
Ratio in their capital = 300,000/200,000 = 3/2 = 3: 2
Total ratio = 3+ 2 = 5
Interest on capital = 5%
Teteh = 5% x 300,000 = 15,000
Kukuma = 5% x 200,000 = 10,000
= 150,000 - ( 15,000 + 10,000)
= 150,000 - 25,000
= 125,000
Teteh's share of profit = 3/5 x 125,000
= 75,000
The document prepared by the buyer and sent to the seller listing the items to be supplied is
Purchase order
Credit note
Proforma invoice
Sales order
Correct answer is A
The purchase order is a document generated by the buyer and serves the purpose of ordering goods from the supplier. The document indicates the details on the items that are to be purchased, such as the types of goods, quantity and price.
Drawings made by a partner would be
Credited to current account
Credited to appropriation account
Debited to appropriation account
Debited to current account
Correct answer is D
Drawing is the amount withdrawn or taken out of the business by partners during the year. The drawings can be in cash or kind. it is debited to the current account.
Bank charges
Direct debit
Standing order
Credit transfer
Correct answer is C
Standing order is an instruction given by the account holder to the bank to make regular payment on his behalf. The bank will make the payment and debit the bank statement but no entry in the cash book.