Financial Past Questions And Answers
Given:
Liabilities..............N23,700
Current assets...........N20,300
Fixed assets.............N64,500
What is the capital introduced by the proprietor?
- A. N40,800
- B. N61,100
- C. N88,200
- D. N108 500
Profit distributed to ordinary shareholders of a limited liability company is
- A. dividend
- B. interest
- C. surplus
- D. reserve
Discount allowed is enjoyed by
- A. managers
- B. customers
- C. staff of the company
- D. suppliers
Which of these is the main source document for recording cash paid into bank?
- A. invoice
- B. credit note
- C. cheque book
- D. pay-in-slip
In a control account, provision for bad debts is found on the?
- A. debit side of the purchases ledger control account
- B. debit side of the sales ledger control account
- C. credit side of the purchases ledger control account
- D. credit side of the sales ledger control account
Use the information below to answer question
Trading account for the year ended 31st December 2009
| ? | ? |
| Opening Stock 32,000 | Sales 48,000 |
| Purchases 40,000 | Less Return 2,000 |
| Carriage inwards 1,000 | |
| 41,000 | |
| Less Return 2,000 39,000 | |
| Cost of goods available ?? | |
| Less closing stock 9,000 | |
| Cost of goods sold ?? |
- A. #20,500
- B. #23,000
- C. #28,000
- D. #27,000
Which of the following categories of labour cost will be classified as direct?
- A. accountant's salary
- B. factory workers' salary
- C. managing director's salary
- D. cashier's salary
Determine the closing stock.
- A. N30,000
- B. N40,000
- C. N50,000
- D. N60,000
In order to make the cash book balance equal to the bank statement, it is usual to add?
- A. uncredited cheques
- B. direct payments by bank
- C. bank charges
- D. unpresented cheques
Which of the following statements are correct? (1) A statement of cash flows prepared using the direct method produces a different figure for operating cash flow from that produced if the indirect method is used.<br> (2) Rights issues do not feature in statements of cash flows.<br> (3) A surplus on revaluation of a non-current asset will not appear as an item in a statement of cash flows.<br> (4) A profit on sale of a non-current asset will appear as an item under cash flows from investing activities in a statement of cash flows.
- A) 1 and 4
- B) 2 and 3
- C) 3 only
- D) 2 and 4