Post Utme Madonna University 2018 Accounting Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Madonna University Accounting examination.

Post Utme Madonna University 2018 Accounting Objective / Multiple Choice
Question 1 POST_UTME_MADONNA_UNIVERSITY • 2018 • ACCOUNTING • objective

In a partnership account, what is the correct method of calculating the capital of a partner who has been absent for a year?

Answer Options

Correct Answer A. Capital is calculated as the average of the partner's capital for the previous year and the current year.
B. Capital is calculated as the partner's capital for the previous year minus any drawings made during the year.
C. Capital is calculated as the partner's capital for the previous year plus any profits made during the year.
D. Capital is calculated as the average of the partner's capital for the previous year and the current year, minus any drawings made during the year.
Correct Answer
A
Correct Option:
Capital is calculated as the average of the partner's capital for the previous year and the current year.

About This Question

This is Post Utme Madonna University 2018 Accounting Question 1. It is one of the objective questions from the 2018 Post Utme Madonna University Accounting examination.

View More Post Utme Madonna University 2018 Accounting Questions More Post Utme Madonna University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support