Financial Past Questions And Answers
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
- A. appropriation account
- B. profit and loss account
- C. balance sheet
- D. trading account
When the debit side total of an account, it means that the account has
- A. been overdrawn
- B. been understand
- C. debit balance
- D. credit balance
A private company is different from a public company because?
- A. it does not restrict the right to transferits shares
- B. it cannot invite members of the public to subscribe for its shares
- C. its shares are owned by one person
- D. it can only offer its shares to members of the publicfor subscription
Depreciation on a particular piece of machinery was N2,700 during the fifth year of its service life and N4,050 during the sixth year. The logical explanation for this is that?
- A. an addition was made to the asset during the sixth year
- B. the estimate of salvage value on this equipment was decreased
- C. a unit-of-output method of depreciation was used during the sixth year
- D. the estimate remaining service life of the assets was increased at the beginning of the sixth year
When a business incurs labour cost in installing a fixed asset, the cost is treated as
- A. additional cost to the asset
- B. business wages and salaries
- C. installation cost of the asset
- D. business cost of the asset
Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?
- A. N11500
- B. N12000
- C. N13000
- D. N13500
In a three-column cash book,the discount allowed is shown on the?
- A. debit side
- B. credit side
- C. folio column
- D. memorandum column
The receipt whose name appears on a cheque is called a?
- A. payer
- B. drawer
- C. drawee
- D. payee
Credit sales is given at 160% of cash received. What is the balance c/d if the debit is 64300.
- A. N333 000
- B. N234 000
- C. N343 000
- D. N243 000
Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?
- A. debit side of its profit and loss account
- B. credit side of its profit and loss account
- C. debit side of its income and expenditure account
- D. credit side of its income and expenditure account