UI Post-UTME Financial Accounting 2024 (Model questions) past questions and answers

The bad debt account is closed by transferring the balance to

1. A.credit of capital account
2. B.debit of profit and loss
3. C.debit of the debtors personal account
4. D.credit of profit and loss account

A credit note from a supplier would first be entered in the

1. A.purchase book
2. B.sales book
3. C.returns inward book
4. D.returns outward

Where a proprietor withdraws cash from the business for his private use, the entries would be

1. A.credit cash account, debit proprietor's account
2. B.credit proprietor's account, debit cash account
3. C.credit proprietor's account, debit drawings account
4. D.credit cash account, debit drawings account.

Which of the following is a long term liability

1. A.bank overdraft
2. B.bank deposit
3. C.good will
4. D.debentures

Which of the following is a function of the sales journal

1. A.it records both cash and credit sales
2. B.it shows the balance in the sales account
3. C.it record credit sales only
4. D.it shows the aggregate balances in the debtors lodger

Which of the following is the most liquid

1. A.Stock
2. B.debtors
3. C.machinery
4. D.loose tools

A debit balance on a bank statement indicates that

1. A.bank is a debtor to thecustomer
2. B.customer is a debtor to the bank
3. C.bank is not a creditor to the customer
4. D.customer is not a debtor to thebank.

At the end of a trading period, wages will be

1. A.debited to trading account andshown as a current liability
2. B.credited to profit and loss Account and shown as a current liability
3. C.credited to trading account and shown as a current asset
4. D.debited to profit and loss account and shown as a current liability

Which of the following is not an asset

1. A.Goodwill
2. B.General reserves
3. C.Debtors
4. D.Prepayments

A company's profit and loss account for a period is prepared by

1. A.deducting total expenses from total revenues
2. B.deducting total cash payments from total revenue
3. C.deducting all outflows of funds from all inwards of funds
4. D.balancing its receipts and payments

The journal is a book

1. A.of primary entry into which all transactions are entered before posting
2. B.kept by journalist for reporting events
3. C.of prime entry into which postings are made from the ledger
4. D.of analyzing major accounts

The receipts and payments of a club is the same as

1. A.Profit and loss account
2. B.Trading Account
3. C.Cash book
4. D.Control Account

In a balance sheet, bank overdraft is

1. A.Current Asset
2. B.Fixed asset
3. C.Long term liability
4. D.Current Liability

Money spent on buying of plots of land by a firm is

1. A.Capital Expenditure
2. B.Capital receipts
3. C.Revenue Expenditure
4. D.Revenue Receipts

Prepaid expenses is an item in

1. A.Fixed Asset
2. B.Current Asset
3. C.Current Liabilities
4. D.Long term liabilities

Trading account is prepared to ascertain

1. A.Gross profit
2. B.Net profit
3. C.Gross Profit or Gross loss
4. D.Net profit or net loss

A statement that shows the financial position of a business is

1. A.profit and loss account
2. B.Trading Account
3. C.Statement of income
4. D.Balance sheet

Partnership is a business owned and controlled by

1. A.Two members
2. B.Two to ten members
3. C.Two to twenty persons
4. D.Two to five persons

If a machine cost 2000 naira and its estimated life span is 10 years and its residual is 500 naira. The yearly value of depreciation in naira is

1. A.250
2. B.180.
3. C.150
4. D.130

Bad debt is also known as

1. A.Unpaid debt
2. B.irrecoverable debt
3. C.Payment debt
4. D.current debt

Bad debt is an item in

1. A.Trading, profit and loss account
2. B.consignment account
3. C.Balance sheet
4. D.Receipt and expenditure account