Financial Past Questions And Answers
What is the value of stock as at the end of July 10 using FIFO?
- A. N14 400
- B. N13 300
- C. N15 200
- D. N12 600
A company provided the following information about its balance sheet.<br> Cash ?100<br> Accounts receivable ?500<br> Stockholders' equity 14700<br> Account payable ?200<br> Bank loans ?1,000<br> Based on the information provided, how much are Remington's liabilities?
- A) ?200
- B) ?900
- C) ?1,200
- D) ?1,700
Which of the following should appear in a company's statement of changes in equity?<br> 1. Profit for the financial year<br> 2. Amortization of capitalized development costs<br> 3. Surplus on revaluation of non-current assets<br>
- A) All three items
- B) 2 and 3 only
- C) 1 only
- D) 1 and 2 only
Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?
- A. omission
- B. principle
- C. commission
- D. original entry
Which of the following accounts is debited when a delivery van is sold for cash?
- A. sales account
- B. delivery van account
- C. cash account
- D. profit and loss accounts
The authority to transfer fund from one head to another within the same organization is called
- A. fund
- B. warrant
- C. vote
- D. virement
Which of the following is true of Uju Nig.Ltd?
- A. It is a highly geared company
- B. It has no liquidity problem in the short term
- C. It is adequately secured in fixed assets
- D. It's working capital is zero
If goods purchased on account is returned, the buyer may inform the seller of the details by issuing:
- A) An invoice
- B) A debt memorandum
- C) A credit memorandum
- D) A bill
A total of 400,000 shares of N1 each are to be issued by Sariki company Ltd at a price of N1.20 per share. Application were received for 600,000 shares out of which 100,000 were dishonored. If the available share were distributed pro-rata, what refund will be due a subscriber who applied for 5,000 shares?
- A. N1,000
- B. N1,200
- C. N4,800
- D. N6,000
The founders of a company are?
- A. promoters
- B. shareholders
- C. canvassers
- D. stakeholders