UI Financial Accounting 2013/2014 Past Questions

Which of the following is the basic accounting equation?

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

An analytical cash book is used to

The sum of money given to a petty cashier out of which small payments are made is called ..........

A rent of 250,000 was paid by John to his landlord by cheque. The double entry in John's books is .........

Items in the bank statement of a business but not in the cash book before preparation of bank reconciliation statement do not include?

The correct sequence in data processing is

When a sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as ..........

Which of the following is not a data processing method?

Fatima withdraws goods from the business for personal use. The accounting treatment is to debit

Given N - Net Profit 25,000, Cost of sales 25,000, Sales 85,000, Determine the total expenses

The objective of a trading account is to establish the

The process of allocating the cost of an intangible asset over its useful life is known as

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

The recording of wages due but not yet paid is an example of, an adjustment for ..........

The trial balance showed wages, N2,500 and a note stated that N500 wages were due but unpaid. When preparing final accounts and balance sheet, it is required to debit profit and loss account with

Which of the following is the effect of an increase in the provision for discount allowed?

Why are adjustments in the profit loss account necessary?

A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the

Stock valuation is useful because it informs the sales department on the

Which of the following stock valuation methods is suitable under inflationary conditions?

In the absence of a sales day book or sales account, credit sales can be computed from

Sales ledger control account contains the total amount in respect of

The difference in the sales ledger control account is transferred to the

The following represents extracts from the trading account of a retail outlet for a given month: Opening stock 2,400 Closing stock 6,400 Other expenses 2,000 Sales 11,000 Profit 900 What is the purchase figure for the month?