OAU Financial Accounting 2021/2022 Past Questions

Practice each question, then open it to see the full details.

The principal use of control accounts is to

A.localise errors within the ledgers
B.prevent fraud
C.Increase Sales
D.record assets and liabilities

In a partnership business, the net profit serves as opening figure for

A.trading account
B.profit and loss account
C.current account
D.appropriation account

A system where a separate cash book is maintained for small payments is

A.single entry
B.imprest
C.float
D.reimbursement

The profit of a sole trader increases his .........

A.stock
B.asset
C.liability
D.capital

In company accounts, profit after tax is shared in the account

A.appropriation
B.revaluation
C.current
D.profit realization

Which Of the following ratios gives an idea of the liquidity of a firm?

A.Turnover ratio
B.Quick ratio
C.Debt ratio
D.Dividend yield