POST UTME Oau Financial Past Questions And Answers
The net assets of a firm can be calculated as
- Options A) Non-current assets + current assets - current liabilities
- B) Non-current assets + current assets - currents liabilities - non-current liabilities
- C) Non-current assets - non-current liabilities
- D) Non-current assets - current assets
Which of these errors would be disclosed by the trial balance
- A) Selling expenses had been debited to sales account
- B) A cheque for ?321 from J.T Adam entered in Adam
- C) Credit sales of ?4015 entered in both double entry account as ?401
- D) A purchase of HI0,000 was completely omitted from the books
Which of the following would not be included in a balance sheet?
- A) Accounts receivable
- B) Accounts payable
- C) Sales
- D) Cash
Which of the following is an example of a liability?
- Options A) Inventor
- B) Receivables
- C) Plants and Machineries
- D) Loan
Accounting equation is given by
- A) Assets
- B) Assets = Liabilities - Owner
- C) Assets + Owner
- D) Assets = Liabilities + Owner
The main objective of the financial statements is to
- A) provide a true and fair view of the financial position of the business
- B) help mangers take correct decisions
- C) show every transaction affects two items in the balance sheet
- D) help owners of a business to plan for the future
Which branch of accounting is most concerned with the collection of detailed financial data for use in planning and controlling an entity?
- A) Financial accounting
- B) Management accounting
- C) Financial management
- D) Auditing
At the end the fiscal year, account receivable has a balance of 100,000 and allowance for doubtful account has a balance of 7,000. The expected that realized value of the account receivable is:
- A) ?107,000
- B) ?100,000
- C) ?93,000
- D) ?147,000
The balance unearned rent account for Jones Co. as at 31st Dec. is 1,200. If Jones Co tailed !o record the adjusting entry for 600 of rent earned during December, the effect on the balance sheet and income statement for December is:
- A) Liabilities overstated: ?600; net income overstated: ?600
- B) Liabilities understated: ?600; net income understated ?600
- C) Asset understated: ?600; net income overstated ?600
- D) Liabilities overstated ?600; net income understated ?600
If the equipment account has a balance of ?22,500 and its accumulated account has a balance of ?14,000 the book value of the equipment is:
- A) ?22,500
- B) ?8,500
- C) ?14,000
- D) ?36,500