Financial Past Questions And Answers
What is the balance carried down?
- A. N11,680
- B. N11,930
- C. N12,330
- D. N13,430
MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.
Sales of drinks...................N212 500
Annual dues.......................N112 000
How much is the total receipt of the club?
- A. N563 440
- B. N687 940
- C. N363 440
- D. N524 500
Use the information to answer below to answer questions
i Operating machines ii Furniture iii Fixtures and fitting iv Loan from friends V Creditors
Find the fixed assets?
- A. i, ii and v
- B. i, ii and iv
- C. i, ii and iii
- D. iii, iv and v
Accounts can be classified into
- A. cash and credit transactions
- B. cash and credit accounts
- C. personal and private account
- D. personal and impersonal account
Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?
- A. stock account and credit profit and loss account
- B. drawings account and credit stock account
- C. profit and loss account and credit drawing account
- D. stock account and credit drawings account
Goodwill can be created in the books of a partnership firm when
- A. the partnership experiences super profit
- B. a new member is admitted
- C. the business is being expanded
- D. the business suffers high loss
A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of
- A. imprest system only
- B. direct purchase by branch
- C. separate accountant for the branch
- D. credit sales by only the headquarters
Depreciation is the method of charging the cost of fixed assets such as property, plant and equipment and motor vehicle to financial operations. The guideline on charging the cost is provided in the
- A) Prudential Guidelines
- B) Statements of Accounting Standards
- C) Companies and Allied matters Act CAP
- D) 20 LFN 2004
Expenditure incurred on consumables and goods for resale is?
- A. revenue expenditure
- B. capital expenditure
- C. sunk cost
- D. miscellanous expenses
Capital at start was #250,000, while capital at the end of the year was #400,000. Drawings during the year amounted to #15,000. What is the profit?
- A. #165,000
- B. #635,000
- C. #600,000
- D. #156,000