Financial Past Questions And Answers
The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?
- A. smart card
- B. communication network
- C. magnetic strip
- D. computerized account
Gross earnings........................N950 000
Current liabilities...................N100 000
Operating expenses....................N350 000
10% debentures........................N400 000
Shareholder's fund....................N1300 000
Corporate tax is 30%
- A. 33%
- B. 35%
- C. 20%
- D. 30%
The capital contribution by the partners is treated in the?
- A. current account
- B. capital account
- C. trading account
- D. balance sheet
If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?
- A. increase in assets and increase in capital
- B. increase in liabilities and decrease in capital
- C. decrease in capital and increase in assets
- D. decrease in capital and decrease in assets
Use the information below to answer question
Trading account for the year ended 31st December 2009
| ? | ? |
| Opening Stock 32,000 | Sales 48,000 |
| Purchases 40,000 | Less Return 2,000 |
| Carriage inwards 1,000 | |
| 41,000 | |
| Less Return 2,000 39,000 | |
| Cost of goods available ?? | |
| Less closing stock 9,000 | |
| Cost of goods sold ?? |
Calculate the cost of goods sold
- A. #61,000
- B. #62,000
- C. #58,000
- D. #57,000
Based on the FIFO method of valuation the total cost of the raw materials issued is
- A. N150
- B. N160
- C. N240
- D. N250
The course of discrepancies between the bank statement and the cash book that overstates the cash book is the?
- A. dividend received
- B. uncredited expenses
- C. uncredited cheques
- D. interest on lodgement
The basis of accounting for public sector is
- A. accrual basis
- B. cost basis
- C. revenue basis
- D. cash basis
The following represents extracts from the trading account of a retail outlet for a given month: Opening stock - N2,400 Closing stock - N6,400 Other expenses - N2,000 Sales - N11,000 Profit - N900 What is the purchase figure for the month?
- A) N13,000
- B) N12,100
- C) N12,000
- D) N11,200
Four broad classifications of overheads are
- A. production, selling, distribution and administration
- B. production, selling, distribution and material
- C. selling, distribution and material
- D. distribution, selling, administration and materials