Financial Accounting Past Questions v20 (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 v20 (JAMB/WAEC/NECO)
Results
#1. A financial analyst needs accounting information to
#2. Goods worth ₦300 was transferred from department Q to P. Similarly, P's total expenses for the period was ₦200. Department P's net profit was
#3. Given that the balance as per cash book after adjustment was ₦6315, nu-presented cheques ₦1000 and the bank statement balance ₦3240. What was the balance of the nu-credited cheques?
#4. Use this information below to answer this question.Trading Account (Extract).................N.............................N...... Opening stock...19500........Sales............96 000.. Add purchases...68700................................. ................88200................................. Less closing stock..?................................. Cost of goods sold..?................................. Gross profit C/D....?................................. ....................?..........................?...... The gross profit margin is 20% Determine the closing stock
#5. Give: 1. Ascertainment of the particulars of the proposed company II. Preparation of the incorporation documents III. Filling of the documents IV. Registration of the company From the information above, the stages involved in the formation of a company are
#6. One of the major features of bookkeeping is that it?
#7. Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?
#8. A financial analyst needs accounting information to?
#9. One basic assumption of the double entry theory is that it allows?
#10. Given: Sales.....................₦4000 Light expenses............₦2900 Rent......................₦1500 Purchases.................₦7500 Debtors...................₦6000 Creditors.................₦29000 Drawings..................₦25 Bank......................₦400 General expenses..........₦1500 Calculate the total of trial balance?
#11. Bariga, a stock broker bought stationery for ₦12000 by cash. To record this transaction, debit?
#12. Use the information below to answer questions . (i) Cash at bank (ii) Cash in hand (iii) Premises (iv) Land (v)Creditors (vi)loan from friends/bank. What are the current assets?
#13. Given: ................Cash Book........................ Capital..........₦6 500........purchases.....₦12 250 Sales............₦30 000........Rent..........₦9 100 ................................Motor vehicle.₦2 400 Find the bank balance?
#14. An entry made in bank column of cash book to record movement of cash between the office and the bank is the?
#15. Abba offers 5% cash discount on goods worth ₦10 000, The discount allowed account is to be?
#16. Commission-on-turnover is charged on?
#17. The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?
#18. Use the information below to answer question .Capital.......₦12 700........Purchases......₦7 100 Debtors.......₦4 000........Stationery.....₦1 900 Sales.........₦2 400........Wages..........₦1 230The owners wishes to maintain an account equal to of capital as drawings.What is the amount withdrawn?
#19. The factor that determine the periodic depreciation charge are?
#20. Use the information below to answer questions .Aug. 1 Received 20 units at ₦60 each Aug. 6 Received 20 units at ₦68 each Aug. 10 Issued 16 units Aug. 20 Received 40 units at ₦80 each Aug. 31 Issued 48 unitsUsing the simple average method, what is the cost per unit of the closing stock?
#21. Use the information below to answer questions .Aug. 1 Received 20 units at ₦60 each Aug. 6 Received 20 units at ₦68 each Aug. 10 Issued 16 units Aug. 20 Received 40 units at ₦80 each Aug. 31 Issued 48 unitsUsing the FIFO method, what is the value of the closing stock?
#22. In a period of inflation, which of the following method normally gives a closing closing stock?
#23. The main purpose of control account is to?
#24. Which of the following is a credit item in creditors ledger control account?
#25. Discount allowed as represented in the control account appears on the?
#26. Use the information below to answer question . .........................31 Dec. 05........31 Dec. 06 Total fixed assets.........₦7 800............₦6 600 Total current assets.......₦12 100............₦17800 Total current liabilities..₦4 700............₦3 800 Drawings for 2006 is ₦5 200. Determine the capital balance as at Dec. 31,2005?
#27. Use the information below to answer question . .........................31 Dec. 05........31 Dec. 06 Total fixed assets.........₦7 800............₦6 600 Total current assets.......₦12 100............₦17800 Total current liabilities..₦4 700............₦3 800 Drawings for 2006 is ₦5 200. What is the net profit for 2006?
#28. The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. ₦20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?
#29. Use the information below to answer questions .Stock of material 1/1..............₦10 000 Purchase of raw material...........₦160 000 Manufacturing wages................₦420 000 Royalties..........................₦3 000 Stock of raw materials 31/12.......₦14 000What is the cost of raw materials consumed?
#30. Use the information below to answer questions .Stock of material 1/1..............₦10 000 Purchase of raw material...........₦160 000 Manufacturing wages................₦420 000 Royalties..........................₦3 000 Stock of raw materials 31/12.......₦14 000Calculate the prime cost?
#31. Receipt and payment account discloses?
#32. Given: Subscription in arrears 01/10/06...........₦2 000 Subscription in advance 01/10/06...........₦1 500 Subscription paid during the year..........₦7 000 Subscription in arrears 31/12/06...........₦3 000 Determine the amount of subscription included in the income and expenditure account for the year?
#33. The main reason for adopting a departmental account is to?
#34. Given: (i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price From the information above, the prices used in charging goods to the branches are?
#35. If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at?
#36. Given: Capital:..G...........₦5 000 ..........T...........₦8 000 Drawings: G...........₦2 000 ..........T..........₦1 000 Interest on capital..10% Interest on Drawings..5% Find the interest on drawings of G?
#37. The entry in the partnership books of accounts for interest on drawings is to?
#38. In partnership dissolution, an asset taken over by a partner is debited to?
#39. Goodwill can be in the balance sheet as?
#40. Cash received from the subscribed shares is recorded by debting?
#41. Ordinary shareholders received dividend before?
#42. A source of revenue that is compulsory payment without any derived benefit is?
#43. The salary of the chief Justice of the Federation is paid from the?
#44. Which of the following is among the categories of government cash book?
#45. The Auditor General of the Federation can be removed by the?
Practice other past questions here
Practice other Financial Accounting Past Questions Here
