Financial Past Questions And Answers
A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?
- A. #2,400
- B. #3,000
- C. #9,800
- D. #1,400
Given:
₦
Total debtors b/d 31/12/99 25,000
Cheques received from debtors 255,000
Total debtors c/d 31/12/00 15,000
Calculate the sales figure
- A. ₦245,000
- B. ₦215,000
- C. ₦295,000
- D. ₦265,000
Alabede (Nig.) Limited issued N50,000 ordinary shares if 1 each at a market value of N2.50 each. The share premium is
- A) N125,000
- B) N100,000
- C) N75,000
- D) N50,000
The major distinguishing element between the final accounts of a partnership and a sole trader is the
- A. drawings account
- B. appropriation account
- C. capital account
- D. creditors account
Which of the following is not a real account?
- A) Buildings account
- B) Motor vehicle account
- C) Patents account
- D) Furniture account
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
How much should the petty cashier receive after period 2?
- A. N150
- B. N250
- C. N350
- D. N500
The objective of a trading account is to establish the
- A) cost of goods sold
- B) gross profit
- C) manufacturing profit
- D) net profit
If only wages is shown on the trial balance, it should be charged to the
- A. profit and loss account
- B. trading account
- C. balance sheet
- D. wages account
Which of the following concepts recognizes the principle of double entry?
- A. business entity
- B. accrual
- C. going concern
- D. dual aspect
Mallam Gambo bought a freezer for his shop costing N10,500. In recording, he debited office expenses account and credited the bank account. What book-keeping error has he committed?
- A. Error of commission
- B. Error of reversal of entries
- C. Error of principle
- D. Compensating error