Financial Past Questions And Answers
11
In bank reconciliation process, discrepancies cause by timing arises as a result of?
- A. cash book bank statement
- B. bank statement only
- C. cash book, bank statement and other incidental records
- D. cash book only
12
The profit of a branch is usually credited to the
- A. adjustment account
- B. head office sales
- C. head office goods account
- D. head office current account
13
Creditors use Accounting information for the purpose of
- A. planning sales to a company
- B. controlling a company's affairs
- C. investing in a company
- D. assessing a company's liquidity
14
Dele and Seun who are in partnership, have decided to covert their business into a limited liability company where both become directors. To convert the business?
- A. they will simply continue since there are no new members
- B. the partnership is formally ended and new company books opened
- C. the shares and all other items will be shared equally and not in their former ratios
- D. computation of goodwill must be done as it is legally required
15
The receipt from a special tax levy to pay maturing interest obligation are recorded in
- A. capital fund project
- B. Debt Service Fund
- C. Tax Assessment Fund
- D. Special Revenue Fund
16
Receipt and payment account discloses?
- A. debtors
- B. creditors
- C. prepayment
- D. depreciation
17
Which of the following is true in public sector accounting? Cost of assets is
- A. depreciated on straight line method
- B. expensed in the year of purchase
- C. charged to federation account
- D. depreciated on reducing balance method
18
Which of the following is a long term liability
- A) bank overdraft
- B) bank deposit
- C) good will
- D) debentures
19
The branch expenses paid by the head office is recorded in the books by debiting branch?
- A. bad debt account and crediting branch debtor's account
- B. expenses account and crediting bank account
- C. profit and loss account and crediting branch stock account
- D. discount allowed account and crediting branch debtors' account
20
A ledger is classified into
- A. private, sales and purchases
- B. personal, general and private
- C. general, private and sales
- D. sales, purchases and general