Financial Past Questions And Answers
The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?
- A. accruals
- B. materiality
- C. objectivity
- D. periodicity
Errors revealed by the trial balance include error of:
- A) Principle
- B) Single entry
- C) Omission
- D) commission
One of the options below have the same features as the profit and loss account in non-profit organization
- A. Income and expenditure account
- B. profit and loss account
- C. receipts and payment account
- D. Non profit account
Receipts and payments accounts is the summary of?
- A. income and expenditure
- B. cash book
- C. balance sheet
- D. profit and loss
Memoradum branch account is prepared to determine
- A. gross profit
- B. credit sales
- C. closing stock
- D. opening stock
Use the information below to answer questions
Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
Stock at branch 1st January at cost............N400
Goods sent to branch at cost...................N8000
Returns to head ...............................N340
Cash sales ....................................N9160
Stock at branch 31st December at cost..........N720
What is the gross profit carried to the profit and loss account?
- A. N1820
- B. N1640
- C. N1530
- D. N1870
Given:
Shaku Company Ltd.
Stock..........................N3600 000
Cash at hand...................N800 000
Cash at bank...................N2400 000
Debtors........................N580 000
Trade creditors................N920 000
Bank overdraft.................N200 000
Tax liabilities................N600 000
Salary owed to staff...........N180 000
Determine the working capital?
- A. N7380 000
- B. N8480 000
- C. N5480 000
- D. N6480 000
The document issued by a revenue collector as evidence of payment to a government ministry is a
- A. receipt voucher card
- B. stores receipt voucher
- C. treasury receipt
- D. payment voucher
Subscription received in respect of a future period is
- A) Subscription deposit
- B) Subscription in advance
- C) Accrued subscription
- D) Subscription in arrears
Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the
- A. sales day book
- B. purchases day book
- C. sales subsidiary book
- D. cash book