OAU Financial Accounting 2012/2013 Past Questions

Another name for straight line method of depreciation is

Which accounting concept states that revenues and expenses are recognized as they are earned or incurred and not when money is received?

Which of the following is not a form of business asset?

The primary or initial documents used to record or capture business transactions immediately they take place is known as:

The diary of events in which all financial transactions are recorded for easy reference and to assist in the double entry system is:

Which of the following is not a book of original entry

The test of arithmetical accuracy of all postings in the ledger is provided in the:

Errors revealed by the trial balance include error of:

Accounting equation is given by:

Which of the following is not a current asset:

Final accounts of a company refers to:

A cheque which has been sent but has not yet gone through the bank account of the receiver of it is known as:

Which of the following does not appear in a bank statement:

Where a correct amount is entered, but in the wrong person's account, is an error of

A credit balance of N350,000 in a cash account shows that

Prime cost is

Which of the following is not a capital reserve?

What is the value of fixed tangible assets?

What is the value of current liabilities?

The value of working capital is

On partnership dissolution, if a partner's capital account has a debit balance and the partner is insolvent, the deficiency will, in accordance with the decision of the case of the Garner VMurray, be

Oleku (Nig.) Limited issued 100,000 ordinary shares of N1 each at a market value of N250 each. The share premium is

Subscription received in respect of a future period is

The petty cash book kept on impress system should have

Determine the amount chargeable to profit and loss account for electricity from the data below: Opening balance N40,000 Paid during the year N240,000 Closing balance N100,000