Financial Past Questions And Answers
The two legally recognized professional accounting bodies in Nigeria are the?
- A. Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
- B. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
- C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
- D. Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
Use the following information to answer the question below: What is the amount of share capital?
- A) ?330,000
- B) ?250,000
- C) ?230,000
- D) ?150,000
If the owner of a business takes goods for personal use, he should
- A) Debit drawings account and Credit Purchases Account
- B) Debit Drawings account and credit stock account
- C) Debit purchases account and credit drawings account
- D) Debit sales account and credit drawings account
One of the benefits of book-keeping records is that they?
- A. give prospective investors accurate and direct information for decisions-making
- B. provide the public and creditors with details of the operations of an entity
- C. give legal backing to all the transactions undertaken by a business entity
- D. provide information without which the task of management would be difficult
Sales ledger control account contains the total amount in respect of
- A. creditors
- B. debtors
- C. investors
- D. shareholders
Use the following information to answer the question below:<br> ? <tr>100,000 ordinary shares of ?1 each 100,000 50,000 5% preference shares of ?1 each 50,000 Profit and loss 80,000 8% debentures 100,000 Creditors 30,000 Bank overdraft 20,000 Plants and machinery 100,000 Furniture and fittings 30,000 Stock 80,000 Debtors 50,000 </tr> What is the amount of share capital?
- A) ?330,000
- B) ?250,000
- C) ?230,000
- D) ?150,000
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of N1 each fully paid.
N | |
Net profit for the year | 90,000 |
Interim dividends paid: | |
Ordinary shares | 25,000 |
Profit and loss appropriation b/f | 10,000 |
Goodwill written off | 1,000 |
The amount of preference shares dividends payable at the end of the year is
- A. N10,000
- B. N25,000
- C. N7,500
- D. N20,000
Which of the following is accounted for in receipts and payments account?
- A. Accrued expenses on annual dances
- B. Subscriptions due but not yet received
- C. interest on bank deposit
- D. Depreciation of the club house
Money set aside for the saving of business overheads is referred to
- A) Capital Expenditure
- B) Revenue Expenditure
- C) Revenue receipts
- D) Capital receipts
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts. Find the amount for sundry debtors after provision.
- A. #744,800
- B. #760,000
- C. #784,000
- D. #744,000