Financial Past Questions And Answers
The accounting method that reports incomes when earned and expenses when incurred is called
- A. accrual accounting
- B. cash accounting
- C. fund accounting
- D. commitment accounting
Costs that vary in proportion to the level of production in a manufacturing environment are known as?
- A. control costs
- B. overheads
- C. direct costs
- D. indirect costs
five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250
Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350
What was the balance of cash with the petty cashier at the end of period 1?
- A. N50
- B. N200
- C. N300
- D. N450
Replacement and renewal of fixed assets are?
- A. revenue receipt
- B. capital receipt
- C. capital expenditure
- D. revenue expenditure
The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts
- A. are not important in cashbooks
- B. are cash items only
- C. do not form part of double entry
- D. are used for bank reconciliation
Which of the following is not a feature of accounting information?
- A. timeliness
- B. accuracy
- C. completeness
- D. affordability
When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner's?
- A. goodwill account balance
- B. current account credit balance
- C. current account debit balance
- D. profit and loss credit balance
Purchase of raw materials - #330,000 Closing stock of raw materials - #80,000 Direct wages - #30,000 Carriages of raw materials - #10,000 Determine the prime cost
- A. #525,000
- B. #515,000
- C. #465,000
- D. #370,000
The following represent extracts from the trading account of a retail outlet for a given month: Opening stock N2,400 Closing stock N6,400 Other expenses N2,000 Sales N11,000 Profit N900 What is the purchase figure for the month?
- A. N13,000
- B. N12,100
- C. N12,000
- D. N11,200
four broad classifications of overheads are?
- A. production, selling, distribution and material
- B. production, selling, distribution and administration
- C. selling, distribution and production and wages
- D. distribution, selling, administration and material