Financial Past Questions And Answers
Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?
- A. N30,000
- B. N40,000
- C. 50,000
- D. N20,000
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 net profit is
- A. D 21, 760
- B. D 18, 260
- C. D 21, 020
- D. D 21, 620
The need for changes in accounting theory in Nigeria was influenced by the?
- A. dynamics of commercialization and privatization policies
- B. growh in size of business units
- C. introduction of the structural adjustment programme
- D. inconvertibility of the nation's currency
Transfers from the head office to branches are best carried out at__________
- A. Cost price
- B. Cost plus mark up
- C. Selling price
- D. Market price
A partnership on admitting a new member, revalued the business' land and building from ?30 000 to ?70 000. The difference of ?40 000 should be
- A) credited to land and building account
- B) debited to asset revaluation account
- C) credited to asset revaluation account
- D) credited to profit and loss appropriate account
Given:
| Fixed assets Liabilities Current assets | # 55,000 20,000 13,000 |
What is the capital?
- A. #88,000
- B. #48,000
- C. #62,000
- D. #55,000
Use the information below to answer questions
Turnover...........................N120 000
Net profit before tax..............N40 000
Net profit b/f.....................N68 000
Proposed dividends:
Ordinary shares....................N8 000
Preference shares..................N6 000
Corporate tax is 30%...............N10 000
What is the tax charged to profit and loss account?
- A. N 14 000
- B. N 60 000
- C. N 34 000
- D. N 20 000
The petty cash book kept on imprest system should have
- A) A credit balance only
- B) A debit or nil balance
- C) A debit balance only
- D) Both debit and credit balances
The error that affects the agreement of a trial balance totals is
- A. error of commission
- B. undercasting
- C. compensating error
- D. error of principle
The art of collecting, recording, presenting and interpreting accounting data is ______.
- A) cost accounting
- B) management accounting
- C) financial accounting
- D) data processing