Financial Past Questions And Answers
Departmental accounts are maintained to ascertain the
- A) profits of the entire organization
- B) contribution of each department
- C) expenses of each department
- D) sales of each department
Given:
Prepaid b/f.......................N10 000
Cash paid during the year.........N20 000
The amount to be charged to the profit and loss account is?
- A. N30 000
- B. N25 000
- C. N5 000
- D. 20 000
Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?
- A. draw up the statement of affairs
- B. draw up a T-account to establish the amount
- C. compare the journal entries with the cash book
- D. cross-check the cash book for further information
Where a correct amount is entered, but in the wrong person’s account, is an error of
- A) Principle
- B) Omission
- C) Commission
- D) Compensation
Given: Fixtures-#30,000 Debtors-#7,000 Stock- #8,000 Creditors-#3,000 Goodwill-#10,000 Determine the capital
- A. #10,000
- B. #42,000
- C. #45,000
- D. #52,000
The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is
- A. FIFO
- B. LIFO
- C. SAP
- D. WAP
A component of an overhead manufacturing cost is?
- A. cost of work-in-progress
- B. cost of finished goods
- C. labour
- D. rent
In times of rising prices, what effects do the uses of the historical cost concept have on a company's asset values and profit?
- A) Asset values and profit both understated
- B) Asset values and profit both overstated
- C) Asset values understated and profit overstated
- D) Asset values overstated and profit understated
Given:
Balance as per cash book...................N20,000
Unpresented cheques........................N5, 200
Direct credit to the bank..................N1, 000
Direct debit from the bank.................N1, 000
Credit in the cash book....................N500
Calculate the balance as per bank statement at the end of the year?
- A. N24,700
- B. N25,200
- C. N26,200
- D. N27,700
Final accounts of a company refers to:
- A) Trading and profit and loss account
- B) Profit and loss account and balance sheet
- C) Trading account and balance sheet
- D) Trading , profit and loss account and balance sheet