Financial Past Questions And Answers
In a partnership account, conversation of non-cash assets into cash is referred to as?
- A. realization
- B. disposal
- C. dissolution
- D. revaluation
Use the information below to answer question i) Stock of goods ii) Furniture iii)Creditors iv) Cash at bank v) Loan from the bank Determine the current liabilities?
- A. iii and v
- B. ii and iii
- C. iv and v
- D. i and ii
Use the information below to answer question .
Prime cost..................N12 100
lighting....................N10 000
Heating.....................N15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
Interest on the drawings of partners is treated in the?
- A. profit and loss appropriation account
- B. goodwill account
- C. profit and loss account
- D. trading account
Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Determine the net profit of the business?
- A. N6600
- B. N6271
- C. N5353
- D. N7224
Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000 What is the purchases ledger balance?
- A. N4,000
- B. N23,000
- C. N24,000
- D. N29,000
X represents
- A. bank charges
- B. an unpresented cheque
- C. dividends
- D. an uncredited cheque
a. Explain accounting ratio givingone example of liquidity ratio
b. Statethree users of accounting ratios
c. Outlinethree limitations to the use of accounting ratios
View Discussion (0)WAEC 2023 THEORYThe concept of accounting that states all income and expenses must be brought into the accounting period they relate to whether received paid for or not is called __
- A) monetary concept
- B) matching concept
- C) realization concept
- D) periodicity concept
On partnership dissolution, if a partner's capital account has a debit balance and the partnr is insolvent, the deficiency will, in accordance with the decision of the case of Garner v Murray, be
- A. borne by all the partners
- B. borne by the insolvent partner
- C. written off
- D. borne by the solvent partners
The concept that has much influence over asset valuation and income determination is?
- A. entity
- B. realization
- C. conversactism
- D. matching