Financial Past Questions And Answers
Departmental accounts are prepared to aid the comparison of the?
- A. previous year's transactions
- B. daily profits
- C. workers' performances
- D. management performances
Which of the following is not an asset
- Goodwill
- B) General reserves
- C) Debtors
- D) Prepayments
The major objectives of departmental account is to ascertain the
- A. materials sold in each department
- B. insurance premium payable on employees
- C. number of employees in each department
- D. contribution of each department to profit
Determine the closing stock under LOFO method
- A. N575
- B. N500
- C. N375
- D. N275
A cheque which has been sent but has yet gone through the bank account of the receiver of it is known as:
- A) Dishonoured cheque
- B) Unpresented cheque
- C) Uncredited cheque
- D) Unhonoured cheque
If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as?
- A. capital receipt
- B. revenue receipt
- C. windfall receipt
- D. miscellaneous receipt
Where a non-profit making organization prepares the account using accruals basis of reporting, the statement showing how well the organization is doing is the
- A. appropriation account
- B. balance sheet
- C. income and expenditure account
- D. receipts and payment account
Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.
From the above, which of the following is delivered to the registrar of companies for incorporation?
- A. i, ii and iii
- B. i and ii
- C. i and iii
- D. ii and iii
An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the?
- A. fixed assets ratio
- B. capital gearing ratio
- C. current assets ratio
- D. acid test ratio
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800,000. A provision of 2% was made for discount and 5% provision for bad and doubtful debts. Find the amount for sundry debtors after provision.
- A) N760,000
- B) N744,800
- C) N744,000
- D) N784,000