Financial Past Questions And Answers
The major function of accounting bodies in Nigeria is to?
- A. provide proper financial management of businesses
- B. provide good remuneration to the members
- C. promote the ethics of the profession
- D. show the dynamic nature of the profession
Beginning inventory............N?
Purchases......................N?
Ending inventory...............N4,800
Sales..........................N12,800
Wages..........................N1,040
Gross profit...................N5,900
The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory?
- A. N20,140
- B. N10,240
- C. N8,140
- D. N7,240
Use the information below to answer question .
A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.
What would be the total amount received on second call?
- A. N240 000
- B. N280 000
- C. N40 000
- D. N56 000
The loss made by a non profit making organization is called
- A. deficit
- B. surplus
- C. discount
- D. shortage
The imprest account is subsidiary to the?
- A. ledger account
- B. bank account
- C. cash book
- D. bank column
One of the objectives of accounting is that it can be used for
- A. business decision making
- B. due process in business
- C. motivating employees
- D. determining the work force
If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to?
- A. have a higher cost of goods sold
- B. have a higher gross profit
- C. pay higher gross profit
- D. have a higher value for closing stock
Which of the following is a strong feature of partnership?
- A) The life of the partnership is generally assumed to be indefinite
- B) The owners are liable personally for all debts of the business
- C) The transfer of ownership interest is frequent and easy to accomplish
- D) The partnership is complex to form because of many legal and reporting requirements
Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8
| # | # | |
| Sales less: cost of goods sold | 233,000 170,000 | |
| 63,000 | ||
| less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses | 16,800 15,000 6,200 | |
| Net profit | 25,000 |
Calculate the net profit on percentage of expenses.
- A. 60%
- B. 25%
- C. 13%
- D. 65.7%
The standing order is a payment instruction given by a
- A. customer to a fellow customer
- B. bank to an employee
- C. customer to the bank
- D. bank to the customers