Financial Past Questions And Answers
A company incurred N21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?
- A. N9000
- B. N6000
- C. N4500
- D. N1500
Ordinary shareholders received dividend before?
- A. creditors
- B. debtors
- C. preference shareholders
- D. deferred shareholders
The receipt of cash from customers in a payment of their account would recorded by a:
- A) Debit to account receivable; credit to cash
- B) Debit to cash credit to accounts receivable
- C) Debit to cash, credit to accounts payable
- D) Debit to account payable credit to cash
The objective of the purchase ledger control account is to established the?
- A. credit purchases
- B. net profit
- C. total purchases
- D. gross profit
On November 1, 1998, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchases goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings' cheques worth N3,000 was returned while the creditor granted a N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?
- A. N32,500
- B. N32,000
- C. N31,000
- D. N29,500
When there is no basis of apportionment in an organization, the expenses should be apportioned based on
- A. sales
- B. purchases
- C. equality
- D. floor space
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The liabilities of Udo Co. Ltd is?
- A. N180,000
- B. N181,000
- C. N177,000
- D. N110,000
In a period of inflation, which of the following method normally gives a closing closing stock?
- A. FIFO
- B. LIFO
- C. Sinple average
- D. periodic simple average
The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. N20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?
- A. N8 000
- B. N10 000
- C. N12 000
- D. N18 000
The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were N20 000 loss, X N25 profit, Y were N30 000 loss and Z N1800 profit. How much is the net profit or loss of the company?
- A. N7 000 loss
- B. N5 000 loss
- C. N5 000 profit
- D. N7 000 profit