Financial Past Questions And Answers
Given:
................Cash Book........................
Capital..........N6 500........purchases.....N12 250
Sales............N30 000........Rent..........N9 100
................................Motor vehicle.N2 400
Find the bank balance?
- A. N71 250 credit
- B. N71 250 debit
- C. N95 000 credit
- D. N95 000 debit
A complete set of financial statements for Hartman Company, at December 31, 1999, would include each of the following except:
- A) Balance sheet as of December 31,1999
- B) Income statement for the year ended December 31, 1999
- C) Statement of projected cash flows for 2000
- D) Notes containing additional information that is useful interpreting the financial statements
Goods withdraw from business for private use are credited to?
- A. drawings
- B. purchases
- C. sales
- D. capital
Which of the following is the basic accounting equation?
- A) Assets = Capital + Liabilities
- B) Capital = Assets + Liabilities
- C) Liabilities = Assets + Capital
- D) Assets = Liabilities
The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?
- A. Ist September, 1960
- B. Ist October, 1960
- C. Ist October,1963
- D. Ist , September,1965
In manufacturing accounts, finance expenses are charged to the
- A. departmental account
- B. trading acount
- C. profit and loss account
- D. balance sheet
The effect of payment of a liability is that it
- A) increases both assets and liabilities
- B) increases assets and decreases liabilities
- C) decreases assets and increases liabilities
- D) decreases both assets and liabilities
The contribution marginal on a job is the?
- A. gross profit
- B. net profit
- C. excess of sales revnue over variable costs
- D. difference between fixed and variable costs
When expenses are paid on behalf of the venture, the accounting entries is to debit
- A. bank account and credit joint venture account
- B. expenses account and credit bank account
- C. joint venture account and credit expenses account
- D. joint venture account and credit bank account
If goods purchased on account is returned, the buyer may inform the seller of the details by issuing:
- A) An invoice
- B) A debt memorandum
- C) A credit memorandum
- D) A bill