Financial Past Questions And Answers
The process of reconciling cheques between banks is termed cheque?
- A. clearing
- B. truncation
- C. holding
- D. confirmation
Holders of ordinary shares do not have the right to ______.
- A) participate in additional issue of shares
- B) vote at annual general meetings
- C) elect the board of directors
- D) receive dividend at a predetermined rate
Use the information to answer question below
Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20
Assuming that the partnership maintains a fixed capital, what is P's closing capital?
- A. N25,000
- B. N24,900
- C. N22,900
- D. N20,000
The purchase day book is used to record
- A. purchases returns
- B. cash purchase
- C. total purchases
- D. credit purchase
Wilson Company owns land which cost 14,100,000. If a "quick sate" of the land was necessary to generate cash, the company feels it would receive only ?80,000. The company continues to report the asset on the balance sheet at ?100,000 This is justified under which of the following concepts?
- A) The historical-cost principle
- B) The value is tied to objective and verifiable past transactions
- C) Neither
- D) Both
Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The company consumed raw materials worth?
- A. N54 600
- B. N56 000
- C. N57 400
- D. 59 500
Given: capital N13,000; office machinery, N9,000; creditors N900, stock of goods N1,550; debtors, N275; cash at bank, N5,075 and loan from Jumbo, N2,000. What is the balance sheet total?
- A. N19,500
- B. N18,500
- C. N17,900
- D. N15,900
Which of the following is used in the public sector to monitor or control government expenditure?
- A. sales day book
- B. cash book
- C. cheque
- D. vote book
The difference between the factory cost of production and the prime cost of production is?
- A. direct materials
- B. direct labour
- C. selling expenses
- D. overhead
The first step in converting as single entry to a double entry system of bookkeeping is to prepare a?
- A. suspense account
- B. statement of affairs
- C. realization account
- D. trial balance