Financial Past Questions And Answers
Given: #
Drawings 3,500
Net loss 2,500
Capital 1.1,2007 35,000
Additional capital 10,000
The adjusted capital as at 31 : 12 : 2007 is
- A. #45,000
- B. #39, 000
- C. #35,000
- D. #46,000
The necessary accounts to be opened on the issue of ordinary share capital are?
- A. preference share capital, cash and allotment accounts
- B. bank and ordinary share capital accounts
- C. cash and ordinary share capital accounts
- D. nominal value and ordinary share capital accounts
The debenture issued at par above the nominal value is Said to be issued at a
- A. margin
- B. premium
- C. cost price
- D. mark-up
Asa Company bought a vehicle worth N20,000 and the vehicle is to be depreciated at 5%. Using the reducing balance method of depreciation, what would be the value of the asset after 3 years?
- A. N19,000.00
- B. N18,050.50
- C. N17,147.50
- D. 16,290.13
Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?
- A. cost price
- B. fixed percentage on cost
- C. selling price
- D. invoice price
Given: (i) Order of performance (ii) Order of liquidity (iii)Vertical order (iv) Horizontal order The order in which a balance assets is arranged are?
- A. i and ii
- B. i and iv
- C. ii and iii
- D. iii and iv
The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year
- A. provisional general warrant
- B. annual general warrant
- C. Reserved expenditure warrant
- D. contigencies
The formular for calculating depreciation using straight line method is
- A. Cost-scrap value/useful life
- B. Scrap value+sales/useful life
- C. Sales-scrap value/useful life
- D. Purshases+sales/useful life
Which of the following demonstrates the imprest system?
- A. Float → expenses paid → cash in bank → float
- B. Float → cash from bank → expenses paid → float
- C. Float → expenses paid→ cash from bank → float
- D. Float → cash in bank → expenses paid → float
A reason a business is not able to keep full set of accounting records is that
- A. the business does not make profit
- B. double entry is expensive to maintain
- C. the business is not a trading concern
- D. double entry shows the true profit