Financial Past Questions And Answers
The book into which all types of a ministry's expenditure are recorded is the
- A. ledger book
- B. payment book
- C. vote book
- D. expenditure book
The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?
- A. prime cost
- B. indirect cost
- C. total cost
- D. direct cost
Which of the following is used to service all operations of government?
- A. general reserve fund
- B. consolidated revenue fund
- C. special operational fund
- D. consolidated reserve fund
When a purchase business is revalued, the effect is that?
- A. a decrease in the value of asset has no effect on value of goodwill
- B. an increase in the value of asset is treated as an increase in the value of goodwill
- C. a decrease in the value of asset is treated as an decrease in the value of goodwil
- D. an increase in the value of asset is treated as an decrease in the value of goodwill
The ratio that gives the indication of the efficiency of a firm's sales with respect to cost of goods sold is a
- A. return on capital employed
- B. gross profit margin
- C. net profit margin
- D. return on equity
A debit balance of ?150,000 in a cash account shows that
- A) cash has been overspent by ?150,000
- B) there was ?150,000 cash in hand
- C) the total of cash received was less than ?150,000
- D) ?150,000 was the total of cash paid out
Use the following information to answer the question below The total cash payments during the month
- A) ?8,880
- B) ?8,312
- C) ?6,568
- D) ?2,312
An advantage of the use of the voucher system is that it?
- A. reduces the number of cheques that will be writen during any given period
- B. provides a highly flexible system for handling unusual transactions
- C. provides a comprehensive record of business done with particular suppliers
- D. ensure that every expenditure is reviewed and verified before payment is made
Processed data is only useful to user if it is
- A. complex
- B. quantitative
- C. relevant
- D. qualitative
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
Purchases | 160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The cost of goods available for sale is
- A. D 175,860
- B. D 175,380
- C. D 175, 120
- D. D 175,460