Accounting Past Questions

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Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units

What is the value of closing stock using simple average?

Use the information below to answer questions 

Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units

Using FIFO method, what is the value of the closing stock?

Which of the following items are current assets?

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Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000

What is the net working capital?

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Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000

Determine the capital of the business?

Given:

Balance as per cash book...................N20,000
Unpresented cheques........................N5, 200
Direct credit to the bank..................N1, 000
Direct debit from the bank.................N1, 000
Credit in the cash book....................N500

Calculate the balance as per bank statement at the end of the year?

The standing order is a payment instruction given by a?

Cash discount is often recorded on?

What is the balance of cash with the petty cashier at the end of period 1?

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Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780

Period 2:
........Petty cashier pays out............N840

If the float is increased to N1200, how much should the petty cashier receive after period 2?

Use the information to answer below to answer questions 

i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors

Find the fixed assets?

Use the information to answer below to answer questions 

i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors

What are the current liabilities?

If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

The process of bookkeeping includes records produced from?

The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?

Which of the following branches of accounting was first developed?