Financial Past Questions And Answers
Money set aside for the saving of business overheads is referred to
- A) Capital Expenditure
- B) Revenue Expenditure
- C) Revenue receipts
- D) Capital receipts
The loss of equipment in a fire disaster results in?
- A. a decrease in current assets
- B. an increase in liabiities and assets
- C. a decrease in assets and capital
- D. an increase in liabilities and a decrease in assets
Ratios can be grouped into certain categories each of which reflects a particular aspect of the financial performance or position of an entity. Those ratios which measure the extent to which assets can be quickly turned into cash are commonly called:
- A) gearing ratios
- B) liquidity ratios
- C) investment ratios
- D) Profitability ratios
The essential amount of depreciation on equipment for a period is 2,000 the adjusting end to record depreciation would be
- A) Debit depreciation expense, 2000, credit expense, 2,000
- B) Debit equipment, 2,000; credit depreciation expense, 2,000
- C) Debit accumulated depreciation, 2,000; credit depreciation expense 2,000
- D) Debit depreciation expense, 2,000; credit accumulated depreciation 2,000
The trader's capital in a single entry system is ascertained by preparing
- A. gross profit
- B. statement of affairs
- C. suspense account
- D. appropriation account
Which of the following events increases a corporation's shareholders equity?
- A. Donation of shares out of the corporation's own stock to the corporation
- B. The corporation's purchase of treasury stock
- C. Shares of previously subscribed stock issue to subscribing stockholders
- D. A municipality donation of land to the corporation
Use the following information to answer the questions
The transactions of All Girls' Social Club for the year 2021 are as follows:
Bar sales D 30,000; Bar purchases D 17,000 and Rent D 1,200
| 31st December | 2020 | 2021 |
| D | D | |
| Stock at bar | 1400 | 1600 |
| Owing for bar supplies | 6500 | 7300 |
The net profit on the bar to be transferred to the income an expenditure account for the year ended 31st December 2021 is
- A. D 11,600
- B. D 11,800
- C. D 13,000
- D. D 12,400
The total credit sales for a period can be extracted from the
- A. cash book
- B. sales day book
- C. petty cash book
- D. returns inwards
Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?
- A. deited by N100
- B. credited by N100
- C. credited by N1000
- D. deited by N1000
Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
Determine the profit on the goods sent to the branch at profit margin of 25% mark-up
- A. #150,000
- B. #160,000
- C. #170,000
- D. #180,000