Financial Past Questions And Answers
In a bank reconciliation statement, Dishonoured cheques is added to
- A. unpresented cheques
- B. uncredited cheques
- C. statement of account
- D. aggregate balanace as per cash book
A non-profit-making organization differs from a profit-making one in that?
- A. it does not earn income
- B. proceeds from sale of shares form part of its income
- C. all its income is committed
- D. annual subscriptions and levies form part of its income
The document which is legal charter of a company that defines the limits of a company's field of operation is known as
- A. articles of association
- B. equity share certificate
- C. prospectus
- D. memorandum of association
| # | |
Stock Jan 1 | 2600 |
| Purchases | 4000 |
| Carriage inwards | 500 |
| Sales | 9000 |
| Carriage outwards | 500 |
Determine the net profit
- A. #4,000
- B. #4,500
- C. #5,000
- D. #1,400
Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts
- A. I only
- B. II and III
- C. I and III only
- D. IV only
The test of arithmetical accuracy of all postings in the ledger is provided in the:
- A) Journal
- B) Day book
- C) Cash book
- D) Trial balance
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
- A. capital and debit liabilities
- B. liabilities and credit assets
- C. assets and credit capital
- D. capital and credit assets
If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be
- A. #700,000
- B. #240,000
- C. #220,000
- D. #202,000
The major advantage of the journal proper is that it
- A. helps in the preparation of the balance sheet
- B. prevents fraud and theft of item of the business
- C. serves as a book of instruction to the bookkeeper
- D. help the banking industry to be efficient
The main objective of bookkeeping is to record economic?
- A. transactions systematically for routine managerial decision-making
- B. events clearly to ensure adequate checks and balances
- C. events clearly to facilitate strategic managerial desicion-making
- D. transaction systematically to ascertain the financial position of a business