Post Utme Accounts - Principles of Accounts Questions
Question 76:
Partners’ share of profit is credited to _____
- A A partner’s current account
- B A partner’s capital account
- C The profit and loss account
- D The profit and loss appropriation account
Question 77:
Which of the following is a strong featureof partnership?
- A The life of the partnership is generallyassumed to be indefinite.
- B The owners are liable personally for alldebts of the business.
- C The transfer of ownership interest is<br/>frequent and easy to accomplish
- D The partnership is complex to form<br/>because of many legal and reporting<br/>requirements.
Question 78:
A bond, acknowledging a loan to a<br/>company under the company’s seal, bearinga fixed rate of interest is known as____
- A Certificate
- B Agreement
- C Bank loan
- D Debenture
Question 79:
Alabede (Nig.) Limited issued 50,000ordinary shares if 1 each at a market value of₦2.50 each, the share premium is _____
- A ₦125,000
- B ₦100,000
- C ₦75,000
- D ₦50,000
Question 80:
All but one of the following are examplesof capital reserves.
- A Share premium
- B Revaluation surplus
- C Pre-incorporation profit
- D Debenture premium