Financial Past Questions And Answers
Use the information below to answer question
Debtors.................................N20
Provision for bad debts..................10%
Provision for discount on debtors........5%
The provision for bad debt is?
- A. N2000
- B. N800
- C. N3000
- D. N1900
If the equipment account has a balance of ?22,500 and its accumulated account has a balance of ?14,000 the book value of the equipment is:
- ?22,500
- B) ?8,500
- C) ?14,000
- D) ?36,500
The most convenient cash book used by a petty trader operating in an area where there is no banking facility is?
- A. four column
- B. three column
- C. single column
- D. two column
Capital for a profit making organization is generated through
- A. Subscription
- B. shares
- C. donation
- D. gift
The accounting entry to record the premium on goodwill is to debit?
- A. cash and credit old partners' capital
- B. goddwill and credit revaluation
- C. assets and credit capital
- D. capital and credit assets
If sales return is understated, it implies that ------- is overstated
- A. return inward
- B. sales figure
- C. cost of sales
- D. return outward
A member of a club paid N1,000 as is subscription for 1993 and N1,200 as subscription for 1992. If the financial year of the society ended on 31st December 1993, the N1,200 subscription will be treated in the balance sheet as
- A. current asset
- B. current liability
- C. capital
- D. profit
Given:
Subscription in arrears 01/10/06...........N2 000
Subscription in advance 01/10/06...........N1 500
Subscription paid during the year..........N7 000
Subscription in arrears 31/12/06...........N3 000
Determine the amount of subscription included in the income and expenditure account for the year?
- A. N3500
- B. N7000
- C. N9500
- D. N13 500
The journal entries for the purchase of stock on credit are to debit?
- A. stock account and credit cash account
- B. stock account and credit liability account
- C. ourchase account and credit liability account
- D. suspense account and credit cash account
The receipts and payments of a club is the same as
- A) Profit and loss account
- B) Trading Account
- C) Cash book
- D) Control Account