OAU Financial Accounting 2017/2018 Past Questions

The main aim of financial accounting is to

Why will the capital of a business change?

Prime Cost includes

The concept of accounting that states all income and expenses must be brought into the accounting period they relate to whether received paid for a not is called ...........

When no partnership Agreement exists, which of the following governs the situation?

Accounts relating to tangible things such as cash, plant are called

Accounts in which expenses, income and capital are recorded is known as

The results from the continuous application or usage of a specific method of solving a particular accounting problem is known as

What percentage of interest can partners who advances money or other assets beyond the amount of their capitals entitled to charge per annum, unless otherwise agreed?

Under which group of assets would you classify "goodwill"?

Which of the following is not a feature of private limited companies

The balance of unpaid calls must be transferred to the

Which of the following statements are correct?
(i) Marketing means that only items having a physical existence may be recognised as assets
(ii) This substances-over-form convention means the legal form of a transaction must always be shown in financial statements even if this differs from the commercial effect
(iii) The money measurement concept means that only items capable of being measured in monetary terms can be recognised in financial statements

Expenses on repair of motor vehicle was posted to motor vehicle account. This is an error of

The cost of goods purchased by cash was wrongly debited to sales account and credited to cash book. The entries necessary to correct the error are:

The trial balance at 3Ist December 2014 showed a difference of 144000, being a shortage on the credit side. A suspense account is opened and the difference of 144,000 is entered on the credit side of the account. On 3rd January 2015, it was found that the sales account was under cast by 144,000. To correct the error

Which of the following formulae correctly states the profit taken or recognized from profit realized in a long term contract?

The necessary accounting entries to record scrapped container in accounting for containers, using container Trading Accounting method is

Which of the following is not an asset held for the short term?

In which ways can a manager manipulate the financial statements?

What is the sales value for the month of March?

What is the purchases figure for the month of March?

Under the hire purchase account, the cash selling price is