Financial Past Questions And Answers
Determine the year''s purchase from the following information relating to a firm. Total creditor''s b/f N 7,200 Total cash payment to suppliers N 98,800 Total creditors c/f N 8,400
- A. N7,200
- B. N98,800
- C. N100,000
- D. N105,800
In a manufacturing company, the total cost of goods produced is equivalent to?
- A. purchases
- B. sales
- C. cost of goods sold
- D. cost of materials used
The correct entries to record goods transferred to branch from head office is to debit?
- A. branch stock account and credit goods sent to branch account
- B. branch supplies account and credit branch stock account
- C. branch stock account and credit purchases account
- D. goods sent to branch account and credit branch stock account
The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?
- A. Public Accounts Committee
- B. Public Audit Committee
- C. Internal Audit Committee
- D. External Audit Committee
Fatima withdraws goods from the business for personal use. The accounting treatment is to debit
- A) stock account and credit profit and loss account
- B) drawings account and credit stock account
- C) Profit and loss account and credit drawings account
- D) Stock account and credit drawings account
The value of the sales ledger control account is derived from the summation of the
- A. total creditors control account
- B. total debtors control account
- C. all day books
- D. both the debtors and creditors accounts
Which of the following stock valuation methods is suitable under inflationary conditions?
- A) FIFO
- B) LIFO
- C) Simple average
- D) Weighted average
Under which group of assets would you classify “goodwill”
- A) Non-current asset
- B) Current asset
- C) Liquid asset
- D) fictitious asset
LOAN IS 30% OF CREDITORS.
What is the capital balance?
- A. N1000
- B. N2 100
- C. N900
- D. N1200
The rules which govern the internal management of a firm and its financial affairs in a partnership business is a
- A. memoransum
- B. deed
- C. financial regulation
- D. bye-law