Accounting questions and answers

Accounting Questions and Answers

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.

1,661.

A partner who has full power of participating in the conduct of a partnership business is a

A.

General partner

B.

Limited partner

C.

Sleeping partner

D.

Nominal partner

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

1,662.

In a bonus issue of one new share for every four held, a holder of 100,000 shares will get additional shares of

A.

50,000

B.

25,000

C.

20,000

D.

10,000

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

1,663.

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is William's interest on capital?

A.

N10,000

B.

N7,000

C.

N6,000

D.

N4,000

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

1,664.

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. If Williams introduces cash of N10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan?

A.

N2,000

B.

N1,500

C.

N1,000

D.

N500

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

1,665.

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Jacob's share of profit?

A.

N10,000

B.

N8,000

C.

N5,000

D.

N4,000

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.


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