Financial Past Questions And Answers
Adaobi mistakenly entered N7000 as credit sales in Abba's account. This is?
- A. an error of principles
- B. a compensating error
- C. an error of commission
- D. an error omission
Which of the following attracts a fixed rate of dividend?
- A) Ordinary shares
- B) Founders' shares
- C) Preference shares
- D) Deferred shares
The correct double entry to record the return of goods by us to suppliers in the diagram below is
- A) i
- B) ii
- C)iii
- D) iv
Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720.
Determine the receipt from debtors?
- A. N22,470
- B. N17,470
- C. N8,440
- D. N5,000
A rent of #50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is
- A. Debit rent account, Credit bank account
- B. Debit Rent account, Credit Samson's account
- C. Debit Bank account, Credit Rent account
- D. Debit Samson's account, Credit Rent account
Use the information below to answer questions 11 and 12. The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished. What was the actual cash in the till as at 15th July?
- A. N106
- B. N101
- C. N70
- D. N36
An item in the balance sheet of a limited liability company is
- A. accrued expenses
- B. lighting and heating
- C. salaries and wages
- D. general expenses
Mr Ojo gives you the following information on 31st July 2017
Opening Stock 7,000
Closing Stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 33 \(\frac{1}{3}\) %
You are required to calculate the sales
- A. #55,000
- B. #82,500
- C. #27,500
- D. #50,000
Expenses on repair of motor vehicle was posted to motor vehicle account. This is an error of
- A) Omission
- B) Complete reversal
- C) Principle
- D) Compensation
Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
Determine the gross profit?
- A. 49,000
- B. 48,000
- C. 31,000
- D. 30,000