UI Financial Accounting 2017/2018 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 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 .........

A financial analyst needs accounts information to

Creditors use accounting information for the purpose of

In preparing accounting records, the owners of a business and the business are treated as

One of the major features of bookkeeping is that it

The accounting principle which states that for every debit entry, there in a corresponding credit entry is recognized as concept

A financial analyst needs accounts information to

Creditors use accounting information for the purpose of

In preparing accounting records, the owners of a business and the business are treated as

Alabede (Nig.) Limited issued 50,000 ordinary shares if 1 each at a market value of N2.50 each. The share premium is

The accounting principle which states that for every debit entry, there in a corresponding credit entry is recognized as concept

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 ...