Financial Past Questions And Answers
Which of the following is not a book of original entry?
- A) Cash book
- B) Purchases journal
- C) Sales journal
- D) Ledger
Appropriation Account
TAYO TOPE
₦ ₦
interest on capital 750 550
Salaries 800 600
Share of profit 3,300 3,300
Determine the net profits of the partnership
- A. ₦6,600
- B. ₦9,300
- C. ₦4,450
- D. ₦4,850
Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The value of closing stock as at February 14th by simple average method is
- A. N3900
- B. N2500
- C. N4100
- D. N2700
Use the information below to answer this question: i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank
What are the current assets?
- A. i and v
- B. i and ii
- C. ii and iv
- D. iii and v
Ledger account is mainly classified into
- A) nominal, real and personal accounts
- B) fixed and current accounts
- C) management, financial and public sector accounting
- D) bank and cash accounts
Which of the following is an example of intangible assets?
- A. trade debtors
- B. stock of goods
- C. trade creditors
- D. motor vehicles
A rent of 250,000 was paid by John to his landlord by cheque. The double entry in John’s books is ______.
- A) debit Rent account, credit Bank account
- B) debit Rent account, credit John
- C) debit Bank account, credit Rent account
- D) debit John
The control accounting can be used in?
- A. recording all the business transactions of the enterprise
- B. Keeping records of all direct deposit in the bank account
- C. monitoring the books of original entry
- D. monitoring the efficiency of bookkepping by accountants
Which of the following has the ultimate control of a company?
- A. board of directors
- B. employees
- C. shareholders
- D. management
The market price per ordinary share of a corporation listed on the stock exchange is most closely related to its?
- A. earning per share
- B. redemption price per share
- C. book value per share
- D. call price per share