Financial Past Questions And Answers
Which of the following stock valuation methods is suitable under inflationary conditions?
- A. FIFO
- B. LIFO
- C. Simple average
- D. Weighted average
Use the information below to answer question .
Capital.......N12 700........Purchases......N7 100
Debtors.......N4 000........Stationery.....N1 900
Sales.........N2 400........Wages..........N1 230
The owners wishes to maintain an account equal to of capital as drawings.
What is the amount withdrawn?
- A. N9525
- B. N9000
- C. N7100
- D. N6400
The accounting system in which only one aspect of transaction is recorded is
- A. single entry
- B. single column cash book
- C. original entry
- D. double entry
The purchases ledger control account showed a credit balance of N525 000 on April 30, 2006. This amount shows?
- A. what the debtor of a business enterprise owed the business
- B. the total amount which each debtor owed the business
- C. what a business enterprise owed its creditors
- D. the amount whicih a business enterprise owed creditor
Goods invoiced to a branch can be sent using?
- A. cost price, selling price and fixed percentage on selling price
- B. cost price, selling price and fixed percentage on cost price
- C. cost priceand fixed percentage on cost price
- D. cost price and fixed percentage on selling price
The budget statement presented to the legislature by the Chief Executive is called?
- A. an appropriation act
- B. a budget bill
- C. an appropriation bill
- D. a budget proposal
What percentage of interest can partners who advance money or other assets beyond the amount to their capitals entitled to charge per annum, unless otherwise agreed?
- A) 5%
- B) 10%
- C) 15%
- D) 20%
The bad debt account is closed by transferring the balance to
- A) credit of capital account
- B) debit of profit and loss
- C) debit of the debtors personal account
- D) credit of profit and loss account
Given:
Net profit b/d.....................N10,000
Interest on capital:...M...........N2, 000
.......................K...........N1, 000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2
Determine M's share of profit?
- A. 6,280
- B. 4,020
- C. 2,820
- D. 2,280
the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?
- A. a cash account
- B. a balance sheet
- C. an income account
- D. an expenses account