UNIVERSITY OF LAGOS(UNILAG) FINACIAL ACCOUNTING 2006

UNIVERSITY OF LAGOS
2006 POST-UTME EXAMINATION
FINANCIAL
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1. A ssets with short lives, which change form in the course of business is called
A. good assets.
B. fictitious assets
C. current assets.
D. fixed assets

2. T he group of users of accounting infomiation responsible for achieving the goals of the business is its
A. employers.
B. management
C. accountants.
D. investors

3. G iven that opening Debtors figure is N23,000, Sales N96,O00 and receipt from debtors N90,000, the closing debtors should be

A. N17,000
B. N29,000.
C. N119,000
D. N209 ,000

4. A person to whom an entity is indebted is called
A. a debtor.
B. an investor.
C. a liability
D. a creditor

5. A ssets with short lives and which often change form in the course of business is called
A. permanent capital
B. owners capital
C. current assets
D. fixed assets.

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David Silva