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Financial Accounting Past Questions v7 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v7 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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  • NECO
  • WAEC GCE
  • NECO GCE
  • NABTEB
  • NABTEB GCE

Financial Accounting Past Questions v7 (JAMB/WAEC/NECO)

 

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#1. Interest on a partner’s drawings is debited to the

#2. The factory cost of producing goods is made up of

#3. Which of the following is the effect of a reduction in the provision for doubtful debts?

#4. Which of the following is the basis of accounting in the Civil Service?

#5. The reward given to a debenture holder is called

#6. Which of the following is not a debit entry on a sales ledger control account?

#7. If incorrect entries on the debit side equal other incorrect entries on the credit side, the error is that of

#8. The accounting entries required for increase in provision for doubtful debts are

#9. Subscription in advance is an example of

#10. Which of the following is an example of Personal Accounts?

#11. Working capital is measured by the excess of

#12. The undistributed profits of a limited liability company is

#13. Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of

#14. A list of balance extracted from the ledger is known as

#15. Provision for depreciation on office furniture is charged to

#16. Which of the following is not a cause discrepancy between cash book and bank statement balances?

#17. The financial plan of the government for a year is contained in the

#18. When a business is purchased, the double entries required in the purchaser’s book are debit,

#19. Which of the following are on the bank statement before reconciliation? i. standing order ii. payment to a creditor iii. receipt from a debtor iv. uncredited cheque v. unpresented cheque

#20. A fund established for the payment of minor expenses is

#21. A fund established for the payment of minor expenses is

#22. The maximum amount which a company can raise by way of selling share is

#23. The aggregate of amounts owed to a business by is customers is known as

#24. Which of the following does a consignee prepare and send to his consignor?

#25. In the consignee’s record account, the accounting treatment of expenses paid for on behalf of the consignor is debit

#26. Which of the following is a fictitious asset?

#27. Expenditure incurred to maintain an asset’s earning capacity is called

#28. Which of the following does not relate to a manufacturing concern?

#29. Which of the following is not true of a trial balance?

#30. The chief accounting officer of Nigeria is called the

#31. Expenses incurred but not yet paid is

#32. Which of the following does not lead to depreciation assets?

#33. Which of the following is capital expenditure?

#34. What are accounting entries for bad debts recovered?

#35. which of the following factors has aided the development of accounting?

#36. Which of the following concept stipulates that accounting profit is the difference between revenue and expenses?

#37. An effective accounting system should provide information

#38. Which of the following accounting records are source documents?

#39. Given: Motor van, ₦3,600, Premises, ₦5,000; Loan from R. Nwaeke, ₦1,000; Cash at bank; ₦1,650; stock of goods ₦4,800; Creditors, ₦2,560; Cash in hand, ₦250 and debtors ₦6,910. calculate the capital figure.

#40. Which of the following transaction is BEST recorded in the general journal?

#41. Diamond Ringo business was started when Mr. Diamond brought in a cheque of ₦500,000, which was paid into the bank account. Which of the following entries properly records the transaction?

#42. One major advantage of ledger is that it

#43. A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of

#44. What are the advantages of an imprest petty cash book? I cheques can be drawn easily II A cheque on the use of cash III Liability of the petty cashier is limited to the value of petty cash IV Loses through the petty cashier can be minimized

#45. Bola, UTC’s regular customer, owed ₦1,00 on account of a radio bought. If he sent in a cheque for ₦1,500, UTC would send him a

#46. A payment of cash of ₦20 to John was entered on the receipt side of the cash book in error and credited to John’s account. Which of the following journal entry can be used to correct the error?

#47. The following represent extracts from the trading account of a retail outlet for a given month: Opening stock ₦2,400 Closing stock ₦6,400 Other expenses ₦2,000 Sales ₦11,000 Profit ₦900 What is the purchase figure for the month?

#48. Adama’s bank account showed an overdraft of ₦600 on 31st march. On going through the account, it was discovered that the ₦1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama’s cash accounts?

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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