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.
Working capital is the excess of
Current assets over fixed assets
Current liabilities over current assets
Fixed assets over currents liabilities
Current assests over current
Correct answer is D
No explanation has been provided for this answer.
The formular for calculating depreciation using straight line method is
Cost-scrap value/useful life
Scrap value+sales/useful life
Sales-scrap value/useful life
Purshases+sales/useful life
Correct answer is A
No explanation has been provided for this answer.
Goodwill may be brought into the books when
No partner retires
Assets are more than liabilities
Profit for the period is high
A new partner is admitted
Correct answer is D
No explanation has been provided for this answer.
The issued share capital is the number of shares that are
Shared among the directors
Authorised by the shareholders
Fully subscribed
In the share certificate
Correct answer is B
The issued share capital is the number of shares that are
Interest on partners drawings are debited in the
Partners current accounts and credited to the appropriation account
Drawings account and credited to the profit and loss account
Profit and loss account and credited to the partners current account
Profit and loss account and credited to the partners' drawings accountÂ
Correct answer is A
No explanation has been provided for this answer.