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Financial Accounting Past Questions v10 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v10 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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

Financial Accounting Past Questions v10 (JAMB/WAEC/NECO)

 

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#1. Which of the following is the least liquid?

#2. Opening stock + Purchases + carriage inwards is equal to

#3. Which of the following is a source of the local government Revenue?

#4. The accountant general disburses government fund by the use of

#5. Carriage inwards are included on goods

#6. Which of the following is n asset?

#7. A balance sheet is prepared

#8. Which of the following is not a Nominal Account?

#9. Partners salary is shown in the

#10. Which of the following is the personal ledger?

#11. Which of the following has a debit balance? i. calls-in-arrears ii. cash-in-advance iii. share discount

#12. Accounts payable is

#13. Which of the following is/are true? i. depreciation charges increase profits ii. reduction in provision for bad debt increases profit iii. undervalued stock increases profits

#14. Uche returned goods worth ₦1,500 to Udo. Uche should receive

#15. To realize an asset means to

#16. When a fixed asset is fully depreciated, its net book value is

#17. Goods worth ₦800 was stolen. The double entries are, debit,

#18. Payment for shares in excess of amount demanded gives rise to

#19. Provision for discount on debtor on debtors is to be

#20. Which of the following cannot be realized?

#21. Which of the following is a recurrent expenditure to a Local Government Council?

#22. Which of the following is an example of production overhead?

#23. Rent paid during 1995 was ₦2,000 while rent paid at 31st December, 1995 was

#24. When a share is sold for less than its nominal value, the difference is debited to

#25. The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 ₦600,000 Depreciation rate per anuum, 10% Scrap value, ₦60,000. Using reducing balance method, what is the depreciation for Yr. 2?

#26. The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 ₦600,000 Depreciation rate per anuum, 10% Scrap value, ₦60,000. Using reducing balance method, what is the net book value on 31st December of Yr. 2?

#27. The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 ₦600,000 Depreciation rate per anuum, 10% Scrap value, ₦60,000. Using the straight line method, what is the cumulative depreciation at the end of yr.3?

#28. The accounting year of Fehintola Ltd. ends on 31st December every year. Pant and Machinery purchased on 1st January, Year 1 ₦600,000 Depreciation rate per anuum, 10% Scrap value, ₦60,000. Using the straight line method, what is he net book value at the beginning of the year 3?

#29. Interest on Partner’s drawing is credited to

#30. Carriage outwards is the amount spent on transporting

#31. Discount allowed is charged to

#32. The loss made by a non-trading organization is called

#33. Which of the following is true in Public sector accounting? Cost of assets is

#34. The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?

#35. Cost reports for the intention of management should reflect?

#36. Responsibility accounting is particularly concern with?

#37. An advantage of the use of the voucher system is that it?

#38. A business transaction is recorded in the books of account when the?

#39. When a transaction causes an assets account to increase, there is?

#40. N Bank account 59,410 Capital account 50,000 Purchase account 20,000 Rent 2,500 Stationery 90 Typewriter 6,500 Sales 38,000In preparing a trial from the list of balances given above, what is the total in debit and credit columns?

#41. The purchase of two generators by Hassan Electronics Enterprises should be recorded as?

#42. If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?

#43. The total of the discounts received column in the cash book is posted to the?

#44. Use the information below to answer questions 11 and 12. The initial imprest as at July Ist was ₦500. Petty cash vouchers with the custodian by July 15th added up to ₦394. An IOU slip received from a co-worker was ₦65 and there was a shortage of ₦5 cash. The co-worker made refund on July 18th just before the imprest was replenished.What was the actual cash in the till as at 15th July?

#45. The amount required to replenish the payments made from the imprest was?

#46. State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura’s books, appears on the bank reconciliation as?

#47. Mayana Corporation uses special journals to record its transactions. If one of Mayana’s customers returns merchandize purchased with cash (for a refund), it makes an entry in the?

#48. Sobande Incorporation acquired a machine that involved the following expenditures and related factors. N Gross invoice price 15,000 Sales tax 900 Purchases discount taken 300 Freight 750 Assembly of machine 500 Installation of machine 800 Assorted spare parts for future use 1200 Turing and adjusting machine 700What is the initial accounting cost of the machine?

#49. A pottery company had sales of ₦176,000 during the current period and a gross profit rate of 40%. The company’s cost of merchandize available for sale during the period was ₦128,000. The company’s ending inventory is?

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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