Financial Past Questions And Answers
Use the information below to answer questions
Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000
What is the cost of goods manufactured?
- A. N117 000
- B. N104 000
- C. N97 000
- D. N93 000
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
- A. II and IV only
- B. I,II and IV only
- C. I,II and III only
- D. II,III and IV only
a. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
$ | |
| Receipts from oil and gas | 522,500,000 |
| Import duties | 250,000,000 |
| Export duties | 180,500,000 |
Receipts from agriculture | 60,000,000 |
| Permit and license fees | 92,000,000 |
| Personal and other income taxes | 230,500,000 |
| Miscellaneous income | 100,500,000 |
Additional information:
(i) The country is structured intosix(6) Regions/States A, B, C, D, E, F
(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000
(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.
You are required to compute:
The total revenue for the country for the year 2021
b. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
$ | |
| Receipts from oil and gas | 522,500,000 |
| Import duties | 250,000,000 |
| Export duties | 180,500,000 |
Receipts from agriculture | 60,000,000 |
| Permit and license fees | 92,000,000 |
| Personal and other income taxes | 230,500,000 |
| Miscellaneous income | 100,500,000 |
Additional information:
(i) The country is structured intosix(6) Regions/States A, B, C, D, E, F
(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000
(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.
You are required to compute:
Revenue for the Federal/Central government for the year 2021
c. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
$ | |
| Receipts from oil and gas | 522,500,000 |
| Import duties | 250,000,000 |
| Export duties | 180,500,000 |
Receipts from agriculture | 60,000,000 |
| Permit and license fees | 92,000,000 |
| Personal and other income taxes | 230,500,000 |
| Miscellaneous income | 100,500,000 |
Additional information:
(i) The country is structured intosix(6) Regions/States A, B, C, D, E, F
(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000
(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.
You are required to compute:
Revenue for the Regions/Statecollectively andindividually for the year 2021.
View Discussion (0)WAEC 2023 THEORYThe depreciation to be charged to department T is ?
- A. N30000
- B. N400
- C. 500
- D. N600
Which accounting concept supports the assertion that economic reality takes precedence over legal issues?
View Discussion (0)JAMB 2003Which of the following accounting records are source documents?
- A. Journal and ledgers
- B. Sales invoice and cash book
- C. Cash book and debit note
- D. sales invoice and debit note
If sales is D 12,000 and the gross profit mark -up percentage is 25%. What is the cost of sales?
- A. D 2,400
- B. D 9,000
- C. D 9,600
- D. D 3,000
In the head office ledger, the value of goods sent to the branch are
- A. debited to the branch current account
- B. debited to the head office current account
- C. credited to the head office current account
- D. credited to the branch current account
Which of the following is a long term liability
- A) bank overdraft
- B) bank deposit
- C) good will
- D) debentures
Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit
- A. discount recieved account and credit Alaka's account
- B. Alaka's account and credit discount recieved account
- C. Saka's account and credit discount recieved account
- D. discount allowed account and credit Alaka's account