Accounts - Principles of Accounts Past Questions and Answers

In the absence of a partnership deed, the act stipulates that____________

A An amount should be fixed as salaries for partners
B Profits and losses should not be shared equally
C Interest on partnerâ€™s loan should be 25%
D Interest should not be allowed on partners drawings

Question 1187:

A partnership’s internal regulation are set out by________---

A A constitution
B A law
C A deed
D An article

Question 1188:

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

A Sule1/3, Ahmed1/3, Khadija 1/3
B Sule1/3, Ahmed1/3, Khadija 1/3
C Sule1/5, Ahmed1/5, Khadija3/5
D Sule2/5, Ahmed1/5, Khadija2/5

Question 1189:

Transfers from the head office to branches are best carried out at__________

A Cost price
B Cost plus mark up
C Selling price
D Market price

Question 1190:

Which of the following is a common cause of a discrepancy between head office and branch trial office________

A Stock and repayment
B Creditors and cash in transit
C Stock and cash in transit
D Debtors and cash in transit