Sample Financial Accounting
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Question 1 of 20
1. Question
An example of input device of a computer is
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Question 2 of 20
2. Question
The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is
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Question 3 of 20
3. Question
A company made a net profit of ₦2,000,000 for the year and its net profit percentage is 25%. What is the total sale of the year?
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Question 4 of 20
4. Question
Which of the following information is recorded in the returns outward books
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Question 5 of 20
5. Question
D
Branch stock account (at selling price) 346,000 – debit
Branch mark –up account 62,000 – creditCalculate the stock to be included in the balance sheet at the year end
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Question 6 of 20
6. Question
D
Branch stock account (at selling price) 346,000 – debit
Branch mark –up account 62,000 – creditThe concept applied in answering question above is
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Question 7 of 20
7. Question
Subscription received in advance is classified in the balance sheet as
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Question 8 of 20
8. Question
Which of the following items is not treated in the Profit and Loss Account?
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Question 9 of 20
9. Question
The document prepared by a local/district government to present its annual estimates for a planning period is
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Question 10 of 20
10. Question
A manufacturing account is drawn up by
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Question 11 of 20
11. Question
Which of the following is not a factory overhead cost
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Question 12 of 20
12. Question
A collection of fields relating to one logical definable unit of business information is known as
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Question 13 of 20
13. Question
The principle of double entry book-keeping states that
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Question 14 of 20
14. Question
Which of the following describes a trial balance?
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Question 15 of 20
15. Question
Which of the following is not a feature of accounting information?
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Question 16 of 20
16. Question
Which of the following is the equation for determining net profit for loss from the records of a firms?
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Question 17 of 20
17. Question
Purchases invoice is first entered in the
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Question 18 of 20
18. Question
Assets acquired is recorded by debiting
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Question 19 of 20
19. Question
Goods returned to a supplier is
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Question 20 of 20
20. Question
Which of the following is a real account?
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