Accounts - Principles of Accounts Questions
Question 256:
The Partnership Deed normally specifies?
- A How profit or losses are to be shared
- B The capital to be contributed annually
- C How salaries are paid to employees
- D The profit that should be earned annually
Question 257:
The accumulation fund of a non-trading concern can equally be referred to as?
- A Members' equity
- B Share capital
- C General fund
- D Surplus fund
Question 258:
When a purchase business is revalued, the effect is that?
- A A decrease in the value of asset has no effect on value of goodwill
- B An increase in the value of asset is treated as an increase in the value of goodwill
- C A decrease in the value of asset is treated as an decrease in the value of goodwil
- D An increase in the value of asset is treated as an decrease in the value of goodwill
Question 259:
An item of appropriation in partnership profit and loss account is?
- A Interest on partners' capital
- B Interest on partners' loan
- C Employees' salaries
- D Partners' drawings
Question 260:
Use the information below to answer question <br/>Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.<br/>The interest on joy's drawing is?
- A N6.00
- B N7.25
- C N9.00
- D N9.75