Financial Past Questions And Answers
Show how the following transaction will be recorded applying the double-entry principle: Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July 2017 by cheque.
- A. Dr Rent A/c; Dr Bank A/c
- B. Dr Bank A/c; Cr Rent A/c
- C. Dr Rent A/c; Cr Bank A/c
- D. Dr Rent A/c; Cr Mr. Roi
The statement of affairs prepared from incomplete records can be described as?
- A. the summary of all the business transactions of the trader ascertained by the accountant
- B. a balance sheet at a particular date showing the assets and liabilities of the business
- C. a schedule of all the business ventures entered into for the period to which the records relates
- D. the statement that shows the profit or loss made during the period
The major sources of revenue for the state and local governments is
- A. value added tax
- B. statutory allocation
- C. taxes and levies
- D. recurrent revenue
What will be the number of shares to be issued to a subscriber who applied for 50,000 units.
- A. 20,000
- B. 18,000
- C. 15,000
- D. 12,000
N | |
Balance as per cash book | 5467 |
Uncredited cheques | 4410 |
Unpresented cheques | 19404 |
The balance as per bank statement is
- A. N20,461
- B. N21,091
- C. N21,109
- D. N19,021
A pension granted to any past president or vice-president shall be charged to the
- A) consolidated revenue fund
- B) special pension fund
- C) contingency fund
- D) development fund
The receipt of cash from a customer who bought goods with N800 list price, 25% trade discount and 2/10, n/30 terms would, if paid within the discount period, amount to
- A. N576
- B. N588
- C. N600
- D. N624
The balance of unpaid calls must be transferred to the
- A) debit of share capital amount
- B)credit of share capital account
- C) debit forfeited shares account
- D)credit of forfeited share account
Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit
- A. cash and credit stationery
- B. purchases and credit stationery
- C. stationery and credit purchases
- D. stationery and credit cash
Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
What is the cost of raw materials consumed?
- A. N173 000
- B. N170 000
- C. N160 000
- D. N156 000