Financial Past Questions And Answers
In a balance sheet, bank overdraft is
- A) Current Asset
- B) Fixed asset
- C) Long term liability
- D) Current Liability
The profit of a sole trader increases his ______.
- A) stock
- B) asset
- C) liability
- D) capital
The purchases ledger control account of a company had an opening balance of #45 600 and closing balance of #72 600 credit. The company made payments of #437 000 to credit suppliers during the period; and had discount received of #18 600 on this account. What were the credit purchases for the period?
- A) #509 600
- B) #482 600
- C) #428 600
- D) #418 400
Which of the foloowing is a credit item in creditors ledger control account?
- A. Returns outwards
- B. Discount Received
- C. Bad debts
- D. Purchases
Use the following information to answer the question
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
Balance b/f | 200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
Rent | 73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
- A. D 278,000
- B. D 180,000
- C. D 154,800
- D. D 306,900
Subscription in arrears is treated in the balance sheet of a club as
- A. current asset
- B. current liability
- C. fixed asset
- D. intangible asset
Given:
Lankoh Company Ltd
₦
Stock 3,600,000
Cash at hand 800,000
Cash in bank 2,400,000
Debtors 580,000
Trade creditors 920,000
Bank overdraft 200,000
Tax liabilities 600,000
Salary owed to staff 180,000
What is the working capital?
- A. ₦5,480,000
- B. ₦6,480,000
- C. ₦8,480,000
- D. ₦7,380,000
Suppliers' personal account are found in the
- A. private ledger
- B. nominal ledger
- C. purchases ledger
- D. sales ledger
Purchasers - #44,880 Sales - #85,850 Trade creditors - #12,250 Trade debtors - #24,000 Accrued expenses - # 350 Prepaid expenses - # 700 Stock 1/1/2006 - #25,120 Stock 31/12/2006 - #27,840 Determine the number of times stock was turned over during the period to the nearest figure
- A. 1
- B. 2
- C. 3
- D. 4
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800. A provision of 2% was made for discount and 5% provision for bad and doubtful debts. Find the amount for sundry debtors after provision?
- A. N760 000
- B. N744800
- C. N744 000
- D. N784 000