Financial Past Questions And Answers
In the final account of a limited liability company, debenture interest paid is recorded in the
- A. capital account
- B. profit and loss account
- C. trading account
- D. current account
Use the information to answer question below
......................... Departments
........................... P Q R
Sales value............... N23,400
Selling expenses.......... 1,100 N1,400 N1,280
Administrative expenses...N1,400 N1,000 N1,020
Cost of sales............. N6,900.... N6,700 N5,500
Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.
Determine the total expenses of department P?
- A. 9,760
- B. 9,400
- C. 2,860
- D. 2,500
Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises (iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?
- A. i and ii
- B. i and v
- C. ii and iv
- D. iii and v
If rent account is debited instead of rate account, the error committed is that of;
- A. omission
- B. commission
- C. principle
- D. original entry
The debit ratio is approximately
- A. 43%
- B. 42%
- C. 41%
- D. 23%
Which of the following is an item of special assets?
- A. Fixed assets
- B. Current assets
- C. Trademark
- D. Gratuity
After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?
- A. 60 days
- B. 30 days
- C. 120 days
- D. 90 days
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
Determine the amount received on application and allotment
- A. #224,950
- B. #225,000
- C. #324,950
- D. #325,000
The cost that are directly traceable to the the goods being produced is?
- A. party manufactured goods
- B. overhead cost
- C. total factory expenses
- D. prime cost
The major advantage of an imprest system is that it
- A. ensures a proper accountability for every expenditure
- B. trains the young accountants in preparation for greater responsibilities
- C. relieves the cheif cashier of the numerous petty cash payments
- D. serves as an analysis column for every expenses