Financial Past Questions And Answers
The objective of departmental account is to
- A. ascertain the amount of profits or losses for the enterprise
- B. ascertain the amount of profits or losses for each department
- C. ascertain the cost of running the organization
- D. offset the loss of each department
Which of the following is not part of the main uses of the journal
- A) purchase and sale of fixed assets on credit
- B) the correction of errors
- C) writing off bad debts
- D) none of the above
To account for expenses paid by head office on behalf of the branch, the branch should___________
- A. Debit profit and loss account and credit head office account
- B. Debit head office account and credit cash
- C. Credit cash and debit profit and loss account
- D. Credit profit and loss account and debit head office account
When Your Silence Is Loud..& Your Eyes Speaking Volumes.. Calculate the value of credit sales
- A. N484 000
- B. N448 000
- C. N584 000
- D. N558 000
When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?
- A. debting manufacturing account and crediting trading acccount
- B. crditing sales account and debtiting trading account
- C. debiting sales account and crediting trading account
- D. crediting manufacturing account and debiting trading account
A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays N70 000 on rent, what is the amount of rent that should be allocated to Y?
- A. N30 000
- B. N40 000
- C. N20 000
- D. N10 000
Borrowings by a business which are not expected to be repaid in the next year is known as
- Options A) Loans
- B) Liabilities
- C) Non-current liabilities
- D) Current liabilities
A partnership deed is used to____________
- A. Promote mutual understanding
- B. Enhance mistrust
- C. Encourage discrepancy
- D. Control funds
What is the value of the authorized share capital?
- A. N500,000
- B. N600,000
- C. N750,000
- D. N1, 200,000
A business is required at par when the?
- A. purchase consideration equals goodwill
- B. purchase consideration equals net value
- C. purchase consideration is greater than the net value
- D. net assets is greater than the liabilitties