UI Financial Accounting 2012/2013 Past Questions

The objective of the purchases ledger control account is to establish the

The principal use of control accounts is to

The purchases ledger control account of a company had an opening balance of N45 600 and closing balance of N72600 credit. The company made payments of N437, 000 to credit suppliers during the period; and had discount received of N18,600 on this account. What were the credit purchases for the period?

The total of the creditors at the beginning of the year was N4600 and at the end of the year N5250. During the year, N26500 was paid to suppliers and N130 was received in discounts from these suppliers. The purchases for the year would be

Tunde purchased goods from Femi by cash worth N1,000 with 10% cash discount Tunde's purchases ledger control account it to be

Which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of a business?

Given: N - Capital at the beginning 20,000, Drawings 3,000, Capital at end 30,000, New capital introduced 8,000. What is the profit for the period?

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800,000. A provision of 2%was made for discount and 5% provision for bad and doubtful debts. Find the amount for sundry debtors after provision

The starting point for the production of accounts from incomplete records is to ...

A factory cost excluding prime cost is ...

Given: N - Prime cost 220,000, Factory cost 32,000, Work in progress at beginning 25,000, Work In progress at close 19,000, Administrative expenses 21,000, Determine the production cost

Given: N - Direct material 10,000, Direct labour 5,000, Direct expenses 2,000, Factory overhead 4,000. What is the prime cost?

The difference between a trading account and a manufacturing account is that while manufacturing account

The factory cost of goods produced is made up of

The following information is provided for Amusa Company Ltd a manufacturer: N-Prime cost 999,000, Manufacturing overhead 132,000, Closing work in progress 75,000, Value of finished goods- Transferred to the Trading Account 1116000, If included in the manufacturing overhead were rents of 5,000 paid in advance, what is the opening work in progress for the period?

The manufacturing account is prepared to determine the cost of

Subscription in arrears are

Where a non-profit organization prepares the accounts using accruals basis of reporting, the statement showing how well the organization is doing is the

Departmental accounts are maintained to ascertain the

The gross profit disclosed in the branch stock adjustment account represents

A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,000. The difference of N40,000 should be

Adamu, Babaji and Chukwu are in a partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are N20,000, N15,000, N5,000 on which they are entitled to interest at 5% per annum. The profit for the year before charging interest on capital amounts to N5,500. Calculate the profit for Adamu

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

In the absence of a partnership agreement, profits and losses are shared

Interest on a partner's drawings is debited to the