Financial Past Questions And Answers
Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000
What is the cash balance?
- A. N12,095
- B. N12,590
- C. N12,905
- D. N12,950
Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at least six years (iv) On the order of a court.
- A. i, ii and iii only
- B. i, ii and iv only
- C. i, iii, and iv only
- D. ii, iii and iv only
Which of the following should appear in a company's statement of changes in equity? 1. Profit for the financial year 2. Amortization of capitalized development costs 3. Surplus on revaluation of non-current assets
- A) All three items
- B) 2 and 3 only
- C) 1 only
- D) 1 and 2 only
The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized as ______ concept.
- A) realization
- B) entity
- C) going concern
- D) duality
Use the information below to answer questions
Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000
Calculate the prime cost?
- A. N50 000
- B. N68 000
- C. N70 000
- D. N75 000
Posting the transactions in bookkeeping means
- A) making the first entry of a double entry transaction
- B) entering items in a cash book
- C) making the second entry of a double entry transaction
- D) something other than the above
Expense paid during the conversion of a partnership to a company are?
- A. debited to the partners' capital account
- B. debited to the realization account
- C. debited to the cash account
- D. credited to the realization account
Accrual accounting differs from cash accounting because it recognizes?
- A. cash and creditors
- B. debtors and creditors
- C. cash and debtors
- D. prepayment and cash
Given:
Opening cash balance N20,000
Sales of match tickets N15,000
Clearing of pitch N1,200
Refreshments N3,500
Referees' allowance N1,000
Cost of petrol N1,120
Donation from local government N3,800
The club's balance is?
- A. N39,180
- B. N34,830
- C. N34,380
- D. N31,980
Stock at branch 1st January at cost | 400 |
Goods sent to branch at cost | 8000 |
Returns to head office | 340 |
Cash sales | 9160 |
Stock at branch 31st December at cost | 720 |
Use the information above to answer the question.
Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
- A. #1870
- B. #1530
- C. #1640
- D. #1820