Financial Past Questions And Answers
The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a
- A. bonus
- B. commission
- C. premium
- D. goodwill
Umar and Ahemed share profit and losses equally and have capital balances of N40,000 and N60,000 respectively. If bdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership?
- A. N33,333
- B. N40,000
- C. N44,444
- D. N50,000
The following are the importance of branch account except
- A. it enable the organization to determine the branch that is making either profit or loss
- B. it allows proper control over the branch by the head office
- C. it assist the organization to determine the performance of a branch manager
- D. it allows fraud and wastage of resources
Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
What is the net profit?
- A. N46,000
- B. N45,000
- C. N28,000
- D. N27,000
Use the following information to answer the question below. Given the following: Debtors as at 1st March: ?40,000 Creditors as at 1st March:?55,000 Cash received from debtors during the month: ?250,000 Cash paid to creditors during the month: ?180,000 Debtors as at 31st March: ?60,000 Creditors as at 31st March: ?35,000 What is the sales value for the month of March?
- A) ?270,000
- B) ?207,000
- C) ?310,500
- D) ?215,000
Discount allowed as represented in the control account appears on the?
- A. credit side of the purchases control account
- B. debit side of the purchases control account
- C. credit side of the sales control account
- D. debit side of the sales control account
Use the following to answer the question below The value of working capital is
- A) ?250,000
- B) ?30,000
- C) ?70,000
- D) ?270,000
The factor that determine the periodic depreciation charge are?
- A. asset cost, market value and useful life
- B. asset cost, market value and residusl value
- C. asset value, cash value useful life
- D. asset cost, salvage and useful life
The major objective of departmental accounts is to ascertain the?
- A. contribution of each department to profit
- B. materials sold in each department
- C. insurance premium payable on employees
- D. number of employees in each department
Given: (i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price
From the information above, the prices used in charging goods to the branches are?
- A. i and ii
- B. i, ii and iii
- C. i, ii, iii and iv
- D. iii and iv