Financial Past Questions And Answers
The net profit or loss for the year is determined in profit and loss account after
- A. deducting purchases from sales
- B. deducting cost of goods sold from sales and adding administrative expenses
- C. adding commissions received to gross profit
- D. eliminating all expenses from gross profit and adding any other income
Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records. Total debtors b/f N 5,600 Total cash receipts from debtors and cash sales N 153,000 Total debtors c/f N 6,800
- A. N6,800
- B. N153,000
- C. N154,200
- D. N159,800
Goods worth N50 000 were sent at different times from head office to the branch during the year. By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction?
- A. Branch should debit goods received from head ofice with N50 000
- B. Head office should debit goods sent to branch account with N10 000
- C. Head office should debit goods sent to branch account with N50 000
- D. Branch should debit goods received from head office with N10 000
Which of the following is an example of a liability?
- Options A) Inventor
- B) Receivables
- C) Plants and Machineries
- D) Loan
Use the information below to answer questions
Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000
Determine the capital of the business?
- A. N9,400
- B. N6,000
- C. N3,400
- D. N3,000
Use the information below to answer question .
Statement of assets and liabilities as at 31st December, 2001.
Shareholders' interest N240
Current liabilities N20
Current assets N110
Fixed assets N140
What is the networking capital?
- A. N90m
- B. N70m
- C. N100m
- D. N80m
Which of the following items is classified as capital expenditure in public sector accounting?
- A. Training and conference cost
- B. Construction works's cost
- C. Wages and salaries
- D. Financial charges
Use the information below to answer questions 22 and 23. Incomplete Record (Extract) Sales......................................N10,600 Rent...........................N200 Depreciation of vehicle (cost N5000) 10% Gross profit margin is 20% What is the cost of goods sold?
- A. N4 800
- B. N8 480
- C. N2 320
- D. N 9 900
Under which of the following conditions is a partnership dissolved?
- A. change of the partnership's head office
- B. purchase of a large quantity of fixed assets
- C. admission of a new partner
- D. retirement of a manager who is not a partner
Under which of the following conditions is a partnership dissolved?
- A. Change of partnership's head office
- B. admission of a new partner
- C. Purchase of a large quantity of fixed asset
- D. Retirement of a manager who is not a partner