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.

191.

The process of distributing shares to successful applicants is.........

Allocation

Apportionment

Allotment

Application

View answer & explanation

Correct answer is C

An allotment of shares is when a company distributes newly bought shares to applicants.

192.

The accounting entry for cash realized from the sale of assets on the dissolution of a partnership is debit......

Cash account, credit partners capital account

Asset account; credit cash account

Cash account; credit realization account

Realization account; credit cash account

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

193.

N
Net profit -------------------------17,460
Capital account: Taiwo--------50,000
Obi----------40,000
Drawings Account: Taiwo----12,000
Obi-------10,000
Salary - Obi---------------------1,500
Interest on capital--------------5%
Interest on drawings----------4%
Profit sharing ratio is 3:2 for Taiwo and Obi respectively

Obi's share of profit is...............

8,960

7,404

4,936

3,296

View answer & explanation

Correct answer is C

No explanation has been provided for this answer.

194.

Taiwo's share of profit is...........

8,960

7,404

4,936

3,296

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

195.

Receipt and payments: 31st December 2016

Cash at bank------460 New equipment------200
Subscriptions-----520 Cleaner's wage-----540
Donations--------- 500 Stationary----------- 140
Sale of stickers---490 Cash at bank--------110
Entrance fee------670

The surplus for the year is.............

1,970

1,890

1,690

1,390

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.