Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Authentic Teller Manchine
Autmatic Teller Machine
All-purpose Teller Machine
Automated Teller Machine
Correct answer is D
ATM means Automated Teller Machine. It is a machine that dispenses cash or performs other banking services when an account holder inserts a bank card.
What is Ojo's working capital?
N 2150
N 1950
N1800
N 1150
Correct answer is D
The working capital is gotten by subtracting the current liabilities from the current assets. Hence we have;
Current assets = cash, prepayments, and debtors
Current liabilities = creditors
2150 + 700 + 100 = 2950
2950 - 1800 = 1150
10% IS CHARGED ON DEPRECIATION OF FIXED ASSETS
Determine the value of Ojo's fixed assets
N14450
N13450
N13005
N12005
Correct answer is C
From the diagram above, fixed assets are made up of land and building, fittings and motor van. Hence we have;
12,000 + 850 + 1600 = 14,450
10% = \(\frac{10}{100}\) x 14,450 = 1445
14,450 - 1445 = 13,005
N 38 000 000
N 20 000 000
N 42 000 000
N 25 000 000
Correct answer is A
Owner's Equity = Assets - Liabilities
Assets = 26,000,000 + 5,000,000 + 22,000,000 = 53,000,000
Liabilities = 4,000,000 + 11,000,000 = 15,000,000
Equity = 53,000,000 - 53,000,000 = 38,000,000
What is the net working capital?
N 6 000 000
N 16 000 000
N 11 000 000
N 25 000 000
Correct answer is B
Net working capital is the difference between a company's total current assets and current liabilities. Net Working Capital = Current Assets - Current Liabilities
Current assets = 5,000,000 + 22,000,000 = 27,000,000
Current liabilities = 11,000,000
Net working capital = 27,000,000 - 11,000,000 = 16,000,000