Financial Accounting Past Questions v22 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v22 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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• JAMB
• Post-UTME / Post-JAMB
• WAEC
• NECO
• WAEC GCE
• NECO GCE
• NABTEB
• NABTEB GCE

Financial Accounting Past Questions v22 (JAMB/WAEC/NECO)

Results

#1. Calculate the cash balance after the discount.

A) ₦2760

A) ₦2760

B) ₦4 300

B) ₦4 300

C) ₦6 200

C) ₦6 200

D) ₦2.400

D) ₦2.400

#2. In the not-for-profit-making organization, the excess of income over expenditure is

A) deducted from the capital

A) deducted from the capital

B) added to the accumulated fund

B) added to the accumulated fund

C) added to the capital

C) added to the capital

D) deducted from the the accumulated fund

D) deducted from the the accumulated fund

#3. As evidence of payments to a government ministry, the revenue collectors will issue

A) treasury receipt

A) treasury receipt

B) receipts voucher card

B) receipts voucher card

C) treasury card

C) treasury card

D) stores receipts voucher

D) stores receipts voucher

#4. How much rent is apportioned to department K?

A) ₦1200

A) ₦1200

B) ₦1800

B) ₦1800

C) ₦2000

C) ₦2000

D) ₦750

D) ₦750

#5. How much selling and distribution expenses is apportioned to department M?

A) ₦800

A) ₦800

B) ₦600

B) ₦600

C) ₦400

C) ₦400

D) ₦1800

D) ₦1800

#6. Credit sales is given at 160% of cash received. What is the balance c/d?

A) ₦333 000

A) ₦333 000

B) ₦234 000

B) ₦234 000

C) ₦343 000

C) ₦343 000

D) ₦243 000

D) ₦243 000

#7. Calculate the value of credit sales

A) ₦484 000

A) ₦484 000

B) ₦448000

B) ₦448000

C) ₦584 000

C) ₦584 000

D) ₦558 000

D) ₦558 000

#8. The major function of accounting bodies in Nigeria is to?

A) provide proper financial management of businesses

A) provide proper financial management of businesses

B) provide good remuneration to the members

B) provide good remuneration to the members

C) promote the ethics of the profession

C) promote the ethics of the profession

D) show the dynamic nature of the profession

D) show the dynamic nature of the profession

#9. Ledger account is mainly classified into?

A) nominal, real and personal accounts

A) nominal, real and personal accounts

B) fixed and current accounts

B) fixed and current accounts

C) management, financial and public sector accounting

C) management, financial and public sector accounting

D) bank and cash accounts

D) bank and cash accounts

#10. If salary account is debited instead of stationery account, the error committed is that of?

A) commission

A) commission

B) omission

B) omission

C) principle

C) principle

D) compensation

D) compensation

#11. If stationery bought for ₦200 has been entered as ₦2000. To correct this error?

A) debit stationery with ₦2,200

A) debit stationery with ₦2,200

B) credit stationery with ₦1,800

B) credit stationery with ₦1,800

C) debit stationery with ₦1,800

C) debit stationery with ₦1,800

D) credit stationery with ₦2,200

D) credit stationery with ₦2,200

#12. The account which refers to the tangible assets of a company that is of permanent nature is the?

A) personal account

A) personal account

B) real account

B) real account

C) nominal account

C) nominal account

D) cash account

D) cash account

#13. The major feature of an invoice is that, it?

A) passes information through the sales day book

A) passes information through the sales day book

B) has cash and bank column

B) has cash and bank column

C) specifies the particular of goods bought

C) specifies the particular of goods bought

D) indicates only the cash sales

D) indicates only the cash sales

#14. The source documents include?

A) cash book

A) cash book

B) petty cash book

B) petty cash book

C) general ledger

C) general ledger

D) credit notes

D) credit notes

#15. A major cause of discrepancy between bank statement and the cash book that overstates the bank statement balance is the?

A) commission paid

A) commission paid

B) interest received

B) interest received

C) direct payment

C) direct payment

D) direct withdrawal

D) direct withdrawal

#16. The bank charges levied on a current account holder is the charge on?

A) transaction

A) transaction

B) turnover

B) turnover

C) transfer

C) transfer

D) cash received

D) cash received

#17. The course of discrepancies between the bank statement and the cash book that overstates the cash book is the?

A) dividend received

A) dividend received

B) uncredited expenses

B) uncredited expenses

C) uncredited cheques

C) uncredited cheques

D) interest on lodgement

D) interest on lodgement

#18. Use the information below to answer question 14 and 15.Sales....................................₦10,900 Stock 1/1................................₦1, 000 Stock 31/12..............................₦2, 000 Purchases................................₦4, 000 Returns outwards.........................₦800 Returns inwards..........................₦600 Carriage outwards........................₦300 Carriage inwards.........................₦200Find the gross profit.

A) ₦7 800

A) ₦7 800

B) ₦7 900

B) ₦7 900

C) ₦9700

C) ₦9700

D) 5700

D) 5700

#19. The cost of goods available for sale is?

A) ₦4 600

A) ₦4 600

B) ₦5 000

B) ₦5 000

C) ₦6 400

C) ₦6 400

D) ₦4 400

D) ₦4 400

#20. Benefit enjoyed for which payments have not been made are?

A) accruals

A) accruals

B) prepayments

B) prepayments

C) acquisitions

C) acquisitions

D) provisions

D) provisions

#21. If an organization maintains a periodic stock system, the stock quantities are?

A) updated at the end of the accounting year

A) updated at the end of the accounting year

B) not considered inthe updating process

B) not considered inthe updating process

C) updated continuously

C) updated continuously

D) updated at the beginning of the accounting year

D) updated at the beginning of the accounting year

#22. If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to?

A) have a higher cost of goods sold

A) have a higher cost of goods sold

B) have a higher gross profit

B) have a higher gross profit

C) pay higher gross profit

C) pay higher gross profit

D) have a higher value for closing stock

D) have a higher value for closing stock

#23. Use the information below to answer questions 23 and 24. ............................31/12/07.......31/12/08 Stocks........................₦4 200.........₦3 900 Rates in advance..............₦1 000.........₦1 500 Accrued wages.................₦1 150.........₦1 350 Cost of goods sold was valued at ₦6 000. Cash paid for rates and wages during the year was ₦1 300 and ₦2 200 respectively. What is the value of purchases for the year 2008?

A) ₦6 000

A) ₦6 000

B) ₦9 900

B) ₦9 900

C) ₦14 100

C) ₦14 100

D) ₦5 700

D) ₦5 700

#24. Determine the total expenses to be charged to profit and loss account?

A) ₦2 350

A) ₦2 350

B) ₦1 600

B) ₦1 600

C) ₦800

C) ₦800

D) ₦3 150

D) ₦3 150

E) NO OPTION

E) NO OPTION

#25. Use the information below to answer questions 25 and 26. ........................31/12/08...........31/12/09 Furniture and fittings..₦21 000,............₦28 000 Office equipment........₦9 800,.............₦13 200 Debtors.................₦6 800,.............₦5 200 Creditors...............₦4 900,.............₦5 100 Cash at bank............₦7 000,.............₦4 600 Accrued electricity bills...................₦1 200 Monthly drawings average ₦330. Find the opening capital?

A) ₦39 700

A) ₦39 700

B) ₦35 900

B) ₦35 900

C) ₦35 740

C) ₦35 740

D) ₦43 660

D) ₦43 660

#26. Determine the net profit ?

A) ₦5 000

A) ₦5 000

B) ₦3 960

B) ₦3 960

C) ₦1 040

C) ₦1 040

D) ₦8 960

D) ₦8 960

#27. The gross loss on manufacturing is always transferred to the?

A) credit side of balance sheet

A) credit side of balance sheet

B) debit side of profit and loss account

B) debit side of profit and loss account

C) credit side of profit and loss account

C) credit side of profit and loss account

D) debit side of balance sheet

D) debit side of balance sheet

#28. The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?

A) debit side of manufacturing and profit and loss account

A) debit side of manufacturing and profit and loss account

B) debit side of profit and loss account only

B) debit side of profit and loss account only

C) credit side of profit and loss account only

C) credit side of profit and loss account only

D) debit side of manufacturing and balance sheet

D) debit side of manufacturing and balance sheet

#29. The prime cost is the total of the?

A) production cost + selling expenses

A) production cost + selling expenses

B) direct material + direct labour + direct expenses

B) direct material + direct labour + direct expenses

C) direct material + work overhead expenses

C) direct material + work overhead expenses

D) administrative expenses + selling + distribution expenses

D) administrative expenses + selling + distribution expenses

#30. The equivalent of a club's receipts and payment account is the?

A) trading account

A) trading account

B) revenue account

B) revenue account

C) cash account

C) cash account

D) suspense account

D) suspense account

#31. The summary of receipts ans payments account represent?

A) cash at hand

A) cash at hand

B) journal proper

B) journal proper

C) general journal

C) general journal

D) ledger accounts

D) ledger accounts

#32. The Akachala Limited has four department W, X Y and Z. The profits or loss of the departments were ₦20 000 loss, X ₦25 profit, Y were ₦30 000 loss and Z ₦1800 profit. How much is the net profit or loss of the company?

A) ₦7 000 loss

A) ₦7 000 loss

B) ₦5 000 loss

B) ₦5 000 loss

C) ₦5 000 profit

C) ₦5 000 profit

D) ₦7 000 profit

D) ₦7 000 profit

#33. If goods were returned to branch by the customers, the correct posting for this transaction is to debit?

A) branch debtor's account and credit head office account

A) branch debtor's account and credit head office account

B) head office account and credit branch stock account

B) head office account and credit branch stock account

C) branch stock account and credit branch debtors' account

C) branch stock account and credit branch debtors' account

D) branch cash account and credit branch stock account

D) branch cash account and credit branch stock account

#34. The branch expenses paid by the head office is recorded in the books by debiting branch?

A) bad debt account and crediting branch debtor's account

A) bad debt account and crediting branch debtor's account

B) expenses account and crediting bank account

B) expenses account and crediting bank account

C) profit and loss account and crediting branch stock account

C) profit and loss account and crediting branch stock account

D) discount allowed account and crediting branch debtors' account

D) discount allowed account and crediting branch debtors' account

#35. Goods returned to branch by customers is recorded in the head office books be debiting?

A) bank account and crediting branch stock account

A) bank account and crediting branch stock account

B) goods sent to branch account and crediting branch debtors''account

B) goods sent to branch account and crediting branch debtors''account

C) branch stock account and crediting branch debtors account

C) branch stock account and crediting branch debtors account

D) branch debtors' and credting cash acount

D) branch debtors' and credting cash acount

#36. Which of the following is mostly used in treating partners' current earnings?

A) Savings account

A) Savings account

B) Current account

B) Current account

C) Capital account

C) Capital account

D) Share capital account

D) Share capital account

#37. The salary of a partner is usually debited to the?

A) sundry debtors' account

A) sundry debtors' account

B) appropriation account

B) appropriation account

C) profit and loss account

C) profit and loss account

D) suncry current account

D) suncry current account

#38. The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?

A) memorandum

A) memorandum

B) bye-law

B) bye-law

C) deed

C) deed

D) financial regulation

D) financial regulation

#39. The interest on partners' loans is?

A) debited in current account

A) debited in current account

B) credited in profit and loss account

B) credited in profit and loss account

C) debited in profit and loss account

C) debited in profit and loss account

D) credited in current account

D) credited in current account

#40. The capital contribution by the partners is treated in the?

A) current account

A) current account

B) capital account

B) capital account

C) trading account

C) trading account

D) balance sheet

D) balance sheet

#41. Given:₦6 000 10% preference shares of ₦0.50 each ₦6 000 ordinary shares of ₦1 each Capital reserves ₦2 700 000 Long-term liabilities ₦4 000 000Find the value of authorized share capital

A) 13 000 000

A) 13 000 000

B) 12 000 000

B) 12 000 000

C) 9 000 000

C) 9 000 000

D) 15 700 000

D) 15 700 000

#42. The directors' salaries paid are items of?

A) current liabilities

A) current liabilities

B) profit and loss account

B) profit and loss account

C) trading account

C) trading account

D) current account

D) current account

#43. Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled ₦800,000. A provision of 2% was made for discount and 5% provision for bad and doubtful debts.Find the amount for sundry debtors after provision?

A) ₦760,000

A) ₦760,000

B) ₦744,800

B) ₦744,800

C) ₦744,000

C) ₦744,000

D) ₦784,000

D) ₦784,000

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

A) budget

A) budget

B) cash analysis book

B) cash analysis book

C) vote book

C) vote book

D) gazette

D) gazette

#45. An ordinary share of ₦80 was issued at ₦96. The share was issued at?

A) premium

A) premium

B) par

B) par

C) discount

C) discount

D) loss

D) loss

#46. An increase in government expenditure within a year is taken care of by means of?

A) financial regulations

A) financial regulations

B) virement

B) virement

C) warrant

C) warrant

D) supplementary estimate

D) supplementary estimate

#47. Use the information below to answer questions 16 and 17.Sundry debtor..................₦20,000 Provision for bad debts........₦500Provision for bad debt at 4% of sundry debtors.Determine the provision for bad debts to profit and loss account?

A) ₦500

A) ₦500

B) ₦820

B) ₦820

C) ₦1300

C) ₦1300

D) ₦300

D) ₦300

#48. Calculate the provision to be taken to the balance sheet?

A) ₦780

A) ₦780

B) ₦800

B) ₦800

C) 1200

C) 1200

D) ₦200

D) ₦200

#49. Which of the following is incorrect? The amounts are arranged in the following order: Assets; Liabilities; Capital

A) ₦7850; ₦1250; ₦6600

A) ₦7850; ₦1250; ₦6600

B) ₦8200; ₦2800; ₦5400

B) ₦8200; ₦2800; ₦5400

C) ₦9550; ₦1150; ₦8200

C) ₦9550; ₦1150; ₦8200

D) ₦6540; ₦1120; ₦5420

D) ₦6540; ₦1120; ₦5420

Finish

Practice other past questions here

Practice other Financial Accounting Past Questions Here