Financial Past Questions And Answers
The double principle of accounting was developed by?
- A. Frank Wood
- B. Luca Pacioli
- C. Akintola Williams
- D. William Pickles
Which of the following ratios gives an idea of the liquidity of a firm?
- A. Turnover ratio
- B. Quick ratio
- C. Debit ratio
- D. Dividend yield
The fourth stage of the accounting information system is?
- A. recording
- B. interpreting
- C. summarizing
- D. classifying
The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is
- A. periodicity
- B. business entity
- C. dual aspect
- D. going concern
Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of N60,000 is distributed on the basis of direct labour hours. Compute the overhead rate?
- A. N12 per hour
- B. N16 per hour
- C. N10 per hour
- D. N15 per hour
If stationery bought for N200 has been entered as N2000. To correct this error?
- A. debit stationery with N2,200
- B. credit stationery with N1,800
- C. debit stationery with N1,800
- D. credit stationery with N2,200
In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?
- A. revenue and expenditure account
- B. receipts and payments account
- C. profit and loss apporpriation account
- D. profit and loss account
The term 'posting' in Accounting refers to
- A. recording entries in the journal
- B. transferring the balance in the ledger to the trial balance
- C. tracing amounts from the journal to the ledger to find errors
- D. transferring entries to the ledger from the journal
When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?
- A. debit bank, credit custmer and credit conyrol account
- B. credit bank, debit customer, and credit control account
- C. debit customer, debit control accountand credit bank
- D. credit control account, debit bank and debit customer
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Balance as per cashbook} & 5 467 \\ \hline \text{Uncredited cheques} & 4 410 \\ \hline \text{Unpresented cheques} & 19 404 \\ \hline \text{Cheques wrongly debited by bank} & 1 404 \end{array}\)
The balance as per bank statement is
- A. #21,901
- B. #19,021
- C. #21,109
- D. #21,091