Financial Past Questions And Answers
Discount allowed is enjoyed by
- A. Managers
- B. Customers
- C. Suppliers
- D. Staff of the company
If the partnership agreement does not specify how net profit is to be divided, the profit should be divided
- A. equally
- B. in accordance with an established
- C. in proportion of current account balances
- D. in proportion of weighted average of capital
The objective of allocating all costs to producer is to?
- A. produce a scientifically accurate cost
- B. avoid unallocated overhead and compute total accounts
- C. co-odinate the cost and financial accounts
- D. compute the contribution of the product to the final profit
Which of the following is a debit item in the purchase ledger control account?
- A. balance b/d
- B. cheque dishonoured
- C. balance c/d
- D. purchases
The total of the creditors at the beginning of the year was #4600 and at the end of the year #5250. During the year, #26 500 was paid to suppliers and #130 was received in discounts from these suppliers. The purchases for the year would be
- A) #26 630
- B) #27 038
- C) #27 150
- D) #27 280
An accountant must not only be interested in record keeping but also in
- A. the application of professional competency
- B. the accuracy of postings
- C. the casting of financial figures
- D. effective preparation of balance sheet
Which of the following statement are correct? Which of the following statement are correct? (i) Marketing means that only items having a physical existence may be recognized as assets (ii) This substances-over-form convention means the legal form of a transaction must always be shown in financial statements even if this differs from the commercial effect. (iii) The money measurement concept means that only items capable of being measured in monetary terms can recognized in financial statements
- A) ii only
- B) i, ii, and iii
- C) i only
- D) iii only
Maimalari Ltd had
(i) Earning per share 47k
(ii) Dividend per share 30k
(iii) Par value of each share N1.20
(iv) Market price per share N1.50
The company's earning yield is?
- A. 20.00%
- B. 25.00%
- C. 31.33%
- D. 39.17%
When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________
- A. Price above or below the stipulated price
- B. Any price but not below the transfer price
- C. Cost price
- D. A price that is equal to the mark up
Money spent on buying of plots of land by a firm is
- A)Capital Expenditure
- B) Capital receipts
- C) Revenue Expenditure
- D) Revenue Receipts