Financial Past Questions And Answers
The accumulated fund for a not-for-profit making organization is
- A. capital + liabilities
- B. assets - liabilities
- C. assets + liabilities
- D. assets - liabilities + capital
A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,00. The difference of N40,000 should be
- A. credited to land and building account
- B. debited to asset revaluation account
- C. credited to asset revaluation account
- D. credited to profit and loss appropriation account
One of the following errors will affect he agreement of the trial balance
- A) error of omission
- B) trial balance error
- C) principle error
- D) error of original entry
Use this information below to answer this question
₦
Capital: Opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling, general and
administration expenses 526,000
Discount received 9,650
Opening stock 98,800
Calculate the closing stock for the period.
- A. ₦69,300
- B. ₦81,600
- C. ₦81,300
- D. ₦106,400
If a gross profit stays high, but net profit falls this implies that
- A) The market is becoming saturated
- B) Competitive pressures are increasing
- C) The expenses of the business may be rolling too rapidly
- D) The expenses of the business are firmly under control
The following was extracted from the books of MEGA COMPANY NIG. LTD
N | |
Trade debtors | 350,000 |
Fixtures and fittings | 600,000 |
Cash at bank | 25,000 |
Cash in hand | 5,500 |
Trade creditors | 116,500 |
Bank overdraft | 7,500 |
Building | 950,000 |
Motor van | 35,000 |
The working capital of the company is
- A. N156,000
- B. N280,000
- C. N565,000
- D. N256,500
The channel through which all government borrowing and domestic lending transactions pass is called?
- A. special trust fund
- B. agency fund
- C. national loan fund
- D. contingency fund
To realize an asset means to
- A. mortgage it
- B. open its account in the ledger
- C. turn it to cash
- D. give it out as a collateral
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
What is Kunle's share of the profit?
- A. N600
- B. N300
- C. N180
- D. N120
A payment of cash of ?20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entries can be used to correct the error?
- A) John: ?40 Dr, Cash: 40 Cr
- B) Cash: ?40
- C) John: ?20 Dr, Cash: ?20 Cr
- D) Cash: 20 Dr, John: ?20