Financial Past Questions And Answers
If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at?
- A. selling price
- B. Akure price
- C. company price
- D. Lagos price
MORADE had total assets of ?760,000, capital stock of ?150,000 and retained earnings of ?215,000. What was Morade’s debt-to-equity ratio?
- A) 2.63
- B) 1.08
- C) 0.52
- D) 0.48
Balance as per cashbook 2, 970
Bank Charges 220
Unpresented cheques 3, 950
Uncredited cheques 4, 178
Direct debit by bank 1, 0000
Determine the balance as per bank statement.
- A. # 1,978
- B. # 1962
- C. # 1,522
- D. # 2,522
Salaries in arrears is treated in the balance sheet as a
- A. current asset
- B. current liability
- C. fixed asset
- D. long term liability
Credit purchases are always put at 150% of the total cash paid to suppliers
Determine the credit purchases
- A. N13 500
- B. N15 500
- C. N13 400
- D. N12 000
i. The amount of the imprest is the same from one organization to another ii. At the end of a fixed period, the petty cashier received a fixed sum of money. iii. At the end of a period, the petty cashier is reimbursed with the amount spent in that period. iv. The system is a method by which a measure of control is kept on petty cash expenses. Which of the above is correct about the imprest system?
- A. i, ii and iii
- B. i, iii and iv
- C. i, ii and iv
- D. iii and iv
Gross profit in the branch adjustment account is transferred to the branch?
- A. trading account
- B. receipts and payments account
- C. profit and loss account
- D. income and expenditure account
A cheque paid by you, but not yet passed through the banking system is
- A) an uncredited cheque
- B) an unpresented cheque
- C) a dishounered cheque
- D) a credit transfer
i Space occupied by each department. ii Average value of stock held by each department. iii Departmental turnover. iv Number of articles sold by each department .
From the information above, the two most logical bases for apportioning expenses that are common to departments are?
- A. i and ii
- B. i and iii
- C. ii and iii
- D. iii and iv
Return inwards is also known as _______.
- A) purchases returns
- B) sales returns
- C) goods on sale or return
- D) goods in transit