Financial Accounting Past Questions v16 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:
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Financial Accounting Past Questions v16 (JAMB/WAEC/NECO)
#1. Calculate the cash balance after the discount.
#2. In the not-for-profit-making organization, the excess of income over expenditure is
#3. As evidence of payments to a government ministry, the revenue collectors will issue
#4. How much rent is apportioned to department K?
#5. How much selling and distribution expenses is apportioned to department M?
#6. Credit sales is given at 160% of cash received. What is the balance c/d?
#7. Calculate the value of credit sales
#8. The major function of accounting bodies in Nigeria is to?
#9. Which of the following is used to record the purchase of fixed asset on credit?
#10. Which of the following is both a subsidiary book and a ledger?
#11. Which of the following is not a source document?
#12. Pending the location of an error, the difference disclosed in a trial balance is temporarily treated in
#13. Which of the following items is not shown in the Trial Balance
#14. The total of the purchases day book is posted to the purchases account in the
#15. Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span?
#16. The amount set aside out of profit for a specific purpose is
#17. Which of the following is correct about cost of goods sold?
#18. Net debtors is
#19. The balance on the sales ledger control Account at the end if the accounting year represents total
#20. a decrease in the provision for doubtful debts result in
#21. The accounting concept which allows the use of a particular method for treating a transaction for a reasonable number of years is
#22. Which of the following is not a debit item in the partnership profit and loss appropriation account?
#23. Which of the following is not correct?
#24. When discount is allowed, the accounting entry is debit Discount allowed and credit
#25. When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is
#26. Goodwill is taken into account in partnership when
#27. The excess of current assets over current liabilities is
#28. A class of preference shares in which dividend rights are carried forward is
#29. The class of shareholders who are paid last in the event of wedding-up are
#30. When both debit and credit entries in respect of a transaction are made in the same ledger account, this is
#31. The price paid by an acquiring company is
#32. A unit of company's capital which can be bought is
#33. An expense is said to be revenue in nature if it
#34. Which of the following is the basis of accounting in public service?
#35. The amount of money granted by government to public institutions to meet recurrent expenditure during a fiscal year is
#36. A business operates on a mark-up of 25%. If cost of goods sold is ₦800,000. What is the profit?
#37. Rent prepaid as at 1st January, 2002 was ₦15,000. How much was paid for rent in 2007?
#38. A statement that measures the performance of a business over a period of time is the
#39. Capital at start was ₦280,000, while at the end of the year was ₦485,000 and drawings during he year was ₦15,000. What is profit for the year?
#40. Computer programmes are
#41. Which of the following is not a unit of the computer?
#42. The transfer of goods between departments is recorded be debiting
#43. A fixed amount of money set aside for petty expenses is
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