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.
Where there is no agreement between the partners, the Partnership Act states that
5% interest is to be paid on capital
Profit and losses are to be shared in proportion to their capital
50% interest is to be charged on drawings
No salary is to be paid to partners
Correct answer is B
No explanation has been provided for this answer.
In a not-for-profit making organization, the Receipts and Payments Accounts is the equivalent of
Profit and Loss Accounts
Income and expenditure Accounts
Cash Book
Balance Sheet
Correct answer is C
No explanation has been provided for this answer.
Receipt and payments
Revenue and expenditure
Financial position
Profit or loss
Correct answer is C
No explanation has been provided for this answer.
55,000
82,500
27,500
50,000
Correct answer is B
Firstly, convert margin to mark-up i.e, 33 \(\frac{1}{3}\)% = \(\frac{100}{300}={1}{3-1}={1}{2}\) or 50% Secondly, Cost of goods sold = Opening stock + Purchases - Closing Stock C.p = 7,000 + 60,000 - 12,000 C.p = ₦55,000 Thirdly, Profit = 50% × 55,000 = ₦27,500 Therefore, Sales = Cp + P ⇒ 55,000 + 27,500 = ₦82,500
Credited to the Income and Expenditure Account
Credit to the Receipts and Payments Account
Debited to the Income and Expenditure Account
Debited to Donation Accounts
Correct answer is A
No explanation has been provided for this answer.