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Financial Accounting Past Questions v13 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v13 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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  • NECO
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  • NABTEB
  • NABTEB GCE

Financial Accounting Past Questions v13 (JAMB/WAEC/NECO)

 

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#1. Partners’ share of profit is credited to

#2. Partners’ share of profit is credited to

#3. A pension granted to any past president or vice-president shall be charged to the

#4. Use the information below to answer the question Entrance fees…………………….₦1200 Subscriptions (including ₦850 arrears)….₦4310 Donations received………………..₦1500 Proceeds from sales……………….₦2300 Total payments……………………₦8200 Depreciation……………………..₦2100 Closing cash balance………………₦1110 The club deposited 200% of the closing cash balance in the bank during the period. Determine the opening cash balance of the club.

#5. A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays ₦70 000 on rent, what is the amount of rent that should be allocated to Y?

#6. Use the information below to answer questions. Entrance fees…………………….₦1200 Subscriptions(including ₦850 arrears).₦4310 Donations received………………..₦1500 Proceeds from sales……………….₦2300 Total payments……………………₦8200 Depreciation……………………..₦2100 Closing cash balance………………₦1110 The club deposited 200% of the closing cash balance in he bank during the period. Calculate the total figure for the receipt and payments account?

#7. Given: Stock at start: Raw materials…………….₦57 000 Work-in-progress………….₦42 000 Finished goods……………₦71 000 Purchase of raw materials amount to ₦81 000, direct labour is ₦38 000 and factory overhead ₦29 000. Calculate the prime cost?

#8. (i) Profits and looses will be shared unequally. (ii) Interest is not allowed on capital. (iii) Salaries are not allowed. (iv) Interest is charged on drawings. From the above, which of the following would apply where there is no agreement during partnership formation?

#9. An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the?

#10. Use the information below to answer question A company’s authorized share capital was one million ordinary shares at ₦1 each. Issued 80% of its shares at ₦1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call. The total amount of money received on application was?

#11. Given: Shaku Company Ltd. Stock……………………..₦3600 000 Cash at hand……………….₦800 000 Cash at bank……………….₦2400 000 Debtors……………………₦580 000 Trade creditors…………….₦920 000 Bank overdraft……………..₦200 000 Tax liabilities…………….₦600 000 Salary owed to staff………..₦180 000 Determine the working capital?

#12. the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?

#13. Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid ₦30 000 for goodwill , this amount would be?

#14. The amount of subscriptions accrued is reported in the balance sheet under?

#15. Use the information above to answer questions Lighting………………₦2925 Rent………………….₦2640 Salary………………..₦4050 The expenses are for three different product: Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively. Find the salary charged to Zera product?

#16. The gross profit disclosed in the branch stock adjustment account represents?

#17. A pension granted to any past president or vice-president shall be charged to the?

#18. The federal government approved ₦140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?

#19. Stock valuation is useful because it forms the sales department on the?

#20. Use the information below to answer question An asset was purchase for ₦343m in 2003. The estimated life of the asset was 3 years with a residual value of ₦28m.Using the straight method. The depreciation of the asset in the first year was?

#21. Use the information below to answer question An asset was purchase for ₦343m in 2003. The estimated life of the asset was 3 years with a residual value of ₦28m. What was the asset value at the beginning of the third year?

#22. Given: Opening capital…………….₦7 000 Additional capital………….₦3 500 Net……………………….₦2 500 Closing……………………₦10 250 The drawings for the period stand at?

#23. Use the information below to answer the question ……………………1/7/2005…………30/6/2006 Drawings……………………………….₦3 000 Capital……………..25 000……………₦42 500 Furniture……………6 500……………₦10 200 Additional capital during the year amounts to 300% of the drawings. Calculate the net profit or loss made during the year.

#24. Use the information below to answer questions ……………………1/7/2005…………30/6/2006 Drawings……………………………….₦3 000 Capital……………..25 000……………₦42 500 Furniture……………6 500……………₦10 200 Additional capital during the year amounts to 300% of the drawings. What is the amount of the additional capital?

#25. (i) Facilitating the preparation of final accounts (ii) Making the existence of error easy to detect (iii)Checking the accuracy of positions periodically.From the above, which of the following are among the uses of control accounts?

#26. Use the information below to answer the question: Debtors……………………………₦20 Provision for bad debts………………10% Provision for discount on debtors……..5% Determine the amount provided for discount allowed on debtors

#27. The purchases ledger control account showed a credit balance of ₦525 000 on April 30, 2006. This amount shows?

#28. Given: Prepaid b/f…………………..₦10 000 Cash paid during the year………₦20 000 The amount to be charged to the profit and loss account is ?

#29. Use the information below to answer question Net loss…………………..₦2300 Capital……………………₦10500 Liabilities………………..₦7200 Find the value of the total assets?

#30. Use the information below to answer question Net loss…………………..₦2300 Capital……………………₦10500 Liabilities………………..₦7200 What will be the equity of the business

#31. The process whereby a cheque received by one person is given to another is known as?

#32. Journal proper is used in recording?

#33. Use the information below to answer questions Balance as per cash book…………….₦13560 Unpresented cheques…………………₦5120 Uncredited lodgements……………….₦2300 Dividend received not entered In the cash book……………………₦2000 Bank charges……………………….₦280 Standing order payments……………..₦600 Balance as per bank statement…………? Calculate the balance in the bank statement.

#34. Use the information below to answer questions Balance as per cash book…………….₦13560 Unpresented cheques…………………₦5120 Uncredited lodgements……………….₦2300 Dividend received not entered In the cash book……………………₦2000 Bank charges……………………….₦280 Standing order payments……………..₦600 Balance as per bank statement…………? What is the adjusted cash book balance?

#35. The fourth stage of the accounting information system is?

#36. Use the information below to answer questions Given: Returns inwards…………₦1500 Cash…………………..₦1550 Discount……………….₦2850 Capital………………..₦3800 Debtors………………..₦900 Sundry…………………N? The value of sundry expenses is 150% of returns inwards plus 50% of debtors. How much is sundry expenses?

#37. Use the information below to answer questions Given: Returns inwards…………₦1500 Cash…………………..₦1550 Discount……………….₦2850 Capital………………..₦3800 Debtors………………..₦900 Sundry…………………N? The value of sundry expenses is 150% of returns inwards plus 50% of debtors The total of the trial balance is?

#38. If Mr. Ajasin paid his creditors ₦5000 out of ₦20 000 owed, what would be the effect of this transaction on the accounting equation?

#39. One of the benefits of book-keeping records is that they?

#40. Given: Bank overdraft…………..₦2000 Cash……………………₦2000 Furniture……………….₦4000 Calculate the total amount on the credit side of the trial balance?

#41. A sole trader purchased goods in cash worth ₦2000 at 2% discount and made a cash sale of ₦1000 at the same rate of discount. Determine the amount of discount allowed?

#42. Goods worth N50 000 were sent at different times from head office to the branch during the year. By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction?

#43. In the trading and profit and loss account of a manufacturing organization, purchases are

#44. Expense paid during the conversion of a partnership to a company are

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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