Financial Past Questions And Answers
Use the following information to answer the question
Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GHC 0.60 per share. To date, the company has made calls of GHC 0.40 per share. All calls have been paid by shareholders except for GHC 100,000 owing from one shareholder.
The paid up share capital is
- A. GHC 300,000
- B. GHC 250,000
- C. GHC 500,000
- D. GHC 600,000
The current growth in the volume of trading and financial dealing in Nigeria is helped by
- A. increased financial activities
- B. government intervention
- C. credit as a factor in business
- D. Payment for goods in cash
When goods are received from head office, head office will be credited while
- A. sales will be debited
- B. requisition will be debited
- C. issue will be debited
- D. purchases will be debited
An effective accounting system should provide information
- A. on new product and methods
- B. for cutomer feed back and requirement
- C. on internal and external reporting for managers and third parties
- D. for promoters, directors, labour union and distributors
Akirika bought a motor van for his business by cash. The entries are to debit
- A. motor van and credit Akirika
- B. sales and credit Akrika
- C. motor van and credit cash
- D. cash and credit motor van
The necessary accounting entries to record scrapped container in accounting for containers, using container Trading Accounting method is
- A) DEBIT Container Account; CREDIT Stock Container Trading Account
- B) DEBIT Container Trading Account; CREDIT Container Stock Account
- C) DEBIT Container Profit Suspense Account; CREDIT Container Control Account
- D) DEBIT Container Control Account; CREDIT Container Trading Account
The purchases ledger control account is also known as
- A. bill payable control account
- B. credit purchase control account
- C. creditors control account
- D. total purchase
The term accounting period is used to refer to the
- A. time span, usually one year covered by the financial statement
- B. period within which debtors are expected to settle accounts
- C. time, span during which taxes are paid to the inland revenue board
- D. budget period, usually one year relied on by the accountant
In the absence of partnership agreement, a loan by a partner attracts interest at
- A. 20%
- B. 5%
- C. 10%
- D. 15%
Use the following information to answer the question
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
Balance b/f | 200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
Rent | 73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
- A. D 278,300
- B. D 154,800
- C. D 478,300
- D. D 323,500