Post Utme Mountain Top University 2022 Accounting Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2022 Accounting Objective / Multiple Choice

Question 1 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2022 • 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

A. Capital is calculated as the average of the partner's capital for the previous and next year.

Correct Answer B. Capital is calculated as the average of the partner's capital for the previous year and the current year.

C. Capital is calculated as the average of the partner's capital for the current year and the next year.

D. Capital is calculated as the average of the partner's capital for the previous year and the next year, multiplied by the number of years the partner has been absent.

Correct Answer

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 Mountain Top University 2022 Accounting Question 1. It is one of the objective questions from the 2022 Post Utme Mountain Top University Accounting examination.

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