Financial Past Questions And Answers
Use this information below to answer this question
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Capital: Opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling, general and
administration expenses 526,000
Discount received 9,650
Opening stock 98,800
What is the gross profit for the period?
- A. ₦535,650
- B. ₦628,300
- C. ₦647,600
- D. ₦106,400
Which of the following accounts would be classified as a current on the balance sheet?
- A) Office Equipment
- B) Accumulated Depreciation
- C) Land
- D) Accounts receivable
Adama's bank account showed an overdraft of N600 on 31st march. On going through the account, it was discovered that the N1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts?
- A. N1,680 Dr
- B. N1,080 Cr
- C. N600 Dr
- D. N480 Cr
If the equipment account has a balance of ?22,500 and its accumulated account has a balance of ?14,000 the book value of the equipment is:
- A) ?22,500
- B) ?8,500
- C) ?14,000
- D) ?36,500
Use the information below to answer this question
A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.
If the scrap value is presently ₦15,000 what will be the yearly depreciation using straight-line method?
- A. ₦7,000
- B. ₦11,000
- C. ₦4,000
- D. ₦24,000
Use the following information to answer the question
| Le | |
Capital (01/01/2020) | 1,934,600 |
| Capital (31/12/2020) | 2,530,000 |
| Expenses | 3 45,900 |
| Drawings for 2020 | 72,500 |
Additional capital for 2020 | 250,000 |
The gross profit for the year is
- A. Le 763,800
- B. Le 595,400
- C. Le 417,900
- D. Le 167,900
Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
What was the asset value at the beginning of the third year?
- A. N63m
- B. N133m
- C. N36m
- D. N28m
Given that the balance as per cash book after adjustment was N6315, nu-presented cheques N1000 and the bank statement balance N3240. What was the balance of the nu-credited cheques?
- A. N4075
- B. N4240
- C. N3315
- D. N3075
Which of the following can be used on admission of a new partnership?
- A. Revaluation account
- B. Profit account
- C. Capital account
- D. Trading account
Assuming the closing stock was valued at N19 000 at the end of November, what was the gross profit?
- A. N30 000
- B. N50 000
- C. N70 000
- D. N100 000