Financial Past Questions And Answers
The instrument that are generated when firms enter into business transactions with others are called
- A. purchase document
- B. journals
- C. source documents
- D. invoices
Use the information below to answer the question
| Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d | Dept A ₦ 6,000 1,800 ? 600 ? 6,000 | Dept B ₦4,000 1,200 ? ?1,600 4,000 | Total ₦ 10,000 3,000 2,000 1,000 4,000 10,000 |
It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.
What is the net profit made by department A?
- A. ₦2000
- B. ₦3600
- C. ₦3000
- D. ₦2400
The process of allocating the cost of an intangible asset over its useful life is known as
- A) depreciation
- B) extraction
- C) depletion
- D) amortization
Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of ₦180,000 it is however discovered that revenue of ₦15,000 is recorded as expenses while expenses of ₦4,000 is recorded as revenue.
Determine the adjusted net profit
- A. ₦202,000
- B. ₦210,000
- C. ₦195,000
- D. ₦184,000
The rent expense for Trendy store is #3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?
- A. #700
- B. #1050
- C. #1750
- D. #3500
Use the information below to answer question i) Stock of goods ii) Furniture iii)Creditors iv) Cash at bank v) Loan from the bank Find the current assets?
- A. iii and v
- B. ii and i
- C. iv and v
- D. i and iv
Given: Prime cost - N220,000, Factory cost - N32,000, Work in progress at beginning - N25,000, Work In progress at close - N19,000, Administrative expenses - N21,000. Determine the production cost
- A) N296,000
- B) N277,000
- C) N258,000
- D) N246,000
When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?
- A. Bank charges
- B. Uncleared cheques
- C. Returned cheques
- D. unpresented cheques
An entry made in bank column of cash book to record movement of cash between the office and the bank is the?
- A. real entry
- B. special entry
- C. direct entry
- D. contra entry
The standing order is a payment instruction given by a?
- A. customer to the bank
- B. bank to the customer
- C. bank to an employee
- D. customer to a fellow customer