Financial Accounting Past Questions v25 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v25 (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 v25 (JAMB/WAEC/NECO)

Results

#1. Accounting information seeks to provide

A) permanent records for all transactions

A) permanent records for all transactions

B) analysis of accounts to trade debtors

B) analysis of accounts to trade debtors

C) audited reports on the accounts of a company

C) audited reports on the accounts of a company

D) data about the employees of a company

D) data about the employees of a company

#2. When the debit side total of an account, t means that the account has

A) been overdrawn

A) been overdrawn

B) been understand

B) been understand

C) debit balance

C) debit balance

D) credit balance

D) credit balance

#3. July 1 - Started business with #10,500 July 31- Paid Agromachinex #6,000 owing themThe double entry for July 1 would be

A) debit capital and credit cash

A) debit capital and credit cash

B) credit cash and debit bank

B) credit cash and debit bank

C) debit cash and credit capital

C) debit cash and credit capital

D) debit purchases and credit cash

D) debit purchases and credit cash

#4. July 1 - Started business with #10,500 July 31- Paid Agromachinex #6,000 owing themThe double entry for July 31 would be

A) debit Agromachinex and credit cash

A) debit Agromachinex and credit cash

B) debit equipment and credit Agromachinex

B) debit equipment and credit Agromachinex

C) credit capital and debit cash

C) credit capital and debit cash

D) credit cash and debit purchases

D) credit cash and debit purchases

#5. The total credit sales for a period can be extracted from the

A) cash book

A) cash book

B) sales day book

B) sales day book

C) petty cash book

C) petty cash book

D) returns inwards

D) returns inwards

#6. The major source document which enables an employer to calculate the employee wages is the

A) nominal roll of employees

A) nominal roll of employees

B) record of number of hours worked

B) record of number of hours worked

C) effort of the employee

C) effort of the employee

D) record of number of dependants per employee

D) record of number of dependants per employee

#7. Which of the following items is a capital expenditure?

A) Maintenance of office machine

A) Maintenance of office machine

B) Purchase of office stationery

B) Purchase of office stationery

C) Carriage inwards

C) Carriage inwards

D) Purchase of office machinery

D) Purchase of office machinery

#8. The corresponding entry of personal accounts found in the debit side of the cash is to

A) credit real accounts

A) credit real accounts

B) debit real accounts

B) debit real accounts

C) credit the ledger

C) credit the ledger

D) debit the ledger

D) debit the ledger

#9. Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit

A) discount recieved account and credit Alaka's account

A) discount recieved account and credit Alaka's account

B) Alaka's account and credit discount recieved account

B) Alaka's account and credit discount recieved account

C) Saka's account and credit discount recieved account

C) Saka's account and credit discount recieved account

D) discount allowed account and credit Alaka's account

D) discount allowed account and credit Alaka's account

#10. 1. The amount of the imprest is the same from one organization to another 11.At the end of a fixed period, the petty cashier received a fixed sum of money. 111. At the end of a period, the petty cashier is reimbursed with the amount spent in that period. 1V. The system is a method by which a measure of control is kept on petty cash expenses.Which of the above is correct about the imprest system?

A) 1, 11 and 111

A) 1, 11 and 111

B) 1, 111 and 1V

B) 1, 111 and 1V

C) 11 and 1V

C) 11 and 1V

D) 111 and 1V

D) 111 and 1V

#11. A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000The yearly depreciation using the straight line method would be

A) #8,800

A) #8,800

B) #6,500

B) #6,500

C) #5,200

C) #5,200

D) #4,400

D) #4,400

#12. A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?

A) #4,000

A) #4,000

B) #7,000

B) #7,000

C) #11,000

C) #11,000

D) #24,000

D) #24,000

#13. The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit

A) sales account and credit bank account

A) sales account and credit bank account

B) purchases and credit bank account

B) purchases and credit bank account

C) cash and credit freehold

C) cash and credit freehold

D) bank and credit freehold

D) bank and credit freehold

#14. Sales - #232,000 Opening stock - ₦28,000 Purchases - #128,000 Carriage inwards - ₦4,000 Carriage outwards - ₦6,000 Closing stock - ₦10,000 Discount received - ₦18,000 Expenses - ₦20,000Calculate the gross profit

A) #100,000

A) #100,000

B) #86,000

B) #86,000

C) #82,000

C) #82,000

D) #76,000

D) #76,000

#15. Sales - #232,000 Opening stock - ₦28,000 Purchases - #128,000 Carriage inwards - ₦4,000 Carriage outwards - ₦6,000 Closing stock - ₦10,000 Discount received - ₦18,000 Expenses - ₦20,000Calculate the expenses debited to the profit and loss account

A) #17,000

A) #17,000

B) #23,000

B) #23,000

C) #26,000

C) #26,000

D) #30,000

D) #30,000

#16. Given:Opening capital - #1,500 Capital introduced - ₦500 Profit for the year - ₦800 Cash drawings - ₦250Calculate the closing capital

A) #2,550

A) #2,550

B) #2,500

B) #2,500

C) #2,350

C) #2,350

D) #2,250

D) #2,250

#17. What type of stock valuation would a vegetable seller adopt in valuing it's product?

A) LIFO

A) LIFO

B) FIFO

B) FIFO

C) Simple average

C) Simple average

D) Weighted average

D) Weighted average

#18. The total cash and cheques received from customers in a control account is derived from the

A) purchases day book

A) purchases day book

B) cash book

B) cash book

C) income and expenditure account

C) income and expenditure account

D) sales journal

D) sales journal

#19. 1/1/2010 31/12/2010 Creditors - #9,000 #9,800 Rent owing - #3,800 #2,500 Rates prepaid - #2,000 #3,500 Motor van - #8,000 #8,000 Premises - #10,000 #10,500Calculate the closing capital

A) #8,700

A) #8,700

B) #9,500

B) #9,500

C) #9,700

C) #9,700

D) #10,700

D) #10,700

#20. Given:Opening capital - #50,000 Closing capital - #64,000 Drawings - #16,000Determine the net profit

A) #2,000

A) #2,000

B) #14,000

B) #14,000

C) #20,000

C) #20,000

D) #30,000

D) #30,000

#21. The estimated profit or loss for a period is calculated by

A) closing capital less opening capital add drawings

A) closing capital less opening capital add drawings

B) opening capital less closing capital add drawings

B) opening capital less closing capital add drawings

C) opening capital less drawings add closing capital

C) opening capital less drawings add closing capital

D) opening capital add closing add drawings

D) opening capital add closing add drawings

#22. Given:Drawings - #3,500 Net loss - #2,500 Capital 1/1/2007 - #35,000 Additional capital - #10,000The adjusted capital as at 31/1/2007 is

A) #35,000

A) #35,000

B) #39,000

B) #39,000

C) #45,000

C) #45,000

D) #46,000

D) #46,000

#23. When goods produced are transferrd at cost plus mark-up sale, the difference between the cost and the transferred price is a

A) discount

A) discount

B) sales commission

B) sales commission

C) manufacturing profit

C) manufacturing profit

D) factory reserves

D) factory reserves

#24. The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of

A) goods available for sale

A) goods available for sale

B) goods sold

B) goods sold

C) goods manufactured

C) goods manufactured

D) materials put into production

D) materials put into production

#25. Opening stock of raw materials - #75,000 Purchase of raw materials - #330,000 Closing stock of raw materials - #80,000 Direct wages - #30,000 Carriages of raw materials - #10,000 Calculate the cost of raw materials used

A) #495,000

A) #495,000

B) #415,000

B) #415,000

C) #335,000

C) #335,000

D) #305,000

D) #305,000

#26. Purchase of raw materials - #330,000 Closing stock of raw materials - #80,000 Direct wages - #30,000 Carriages of raw materials - #10,000Determine the prime cost

A) #525,000

A) #525,000

B) #515,000

B) #515,000

C) #465,000

C) #465,000

D) #365,000

D) #365,000

#27. In manufacturing account, the work-in-progress at the end of the year is

A) deducted from the cost of goods completed during this year

A) deducted from the cost of goods completed during this year

B) added to the cost of goods completed

B) added to the cost of goods completed

C) stated in the profit and loss account

C) stated in the profit and loss account

D) stated in the prime cost section

D) stated in the prime cost section

#28. Which of the following is accounted for in receipts and payment account

A) Subscriptions recieved in advance

A) Subscriptions recieved in advance

B) Subscriptions due not yet recieved

B) Subscriptions due not yet recieved

C) Accrued expenses on annual dances

C) Accrued expenses on annual dances

D) Depreciation of the club house

D) Depreciation of the club house

#29. 1. Direct materials 11.Direct labour 111.Direct expenses 1V. Factory expensesPrime cost consist of

A) 1,11 and 111

A) 1,11 and 111

B) 1,11 and 1V

B) 1,11 and 1V

C) 1,111 and 1V

C) 1,111 and 1V

D) 11,111 and 1V

D) 11,111 and 1V

#30. The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a

A) bonus

A) bonus

B) commission

B) commission

C) premium

C) premium

D) goodwill

D) goodwill

#31. A partnership's internal regulations are set out by

A) a deed

A) a deed

B) a law

B) a law

C) a constitution

C) a constitution

D) an article

D) an article

#32. In a partnership account, interest on drawings is

A) debited to appropriation account

A) debited to appropriation account

B) credited to appropiation account

B) credited to appropiation account

C) treated as an expense in profit and loss account

C) treated as an expense in profit and loss account

D) recorded in the balance sheet as current assets

D) recorded in the balance sheet as current assets

#33. When a share valued at 50k is issued at #1.59, it is said to be issued at

A) par

A) par

B) premium

B) premium

C) discount

C) discount

D) interest

D) interest

#34. The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

A) net income

A) net income

B) revenue reserve

B) revenue reserve

C) capital reserve

C) capital reserve

D) net loss

D) net loss

#35. When shares are issued at a discount, entries are to debit

A) application allotment account and credit discount account

A) application allotment account and credit discount account

B) discount account and credit

B) discount account and credit

C) cash account and credit discount account

C) cash account and credit discount account

D) discount account and credit bank account

D) discount account and credit bank account

#36. When there is no basis of apportionment in an organization, the expenses should be apportioned based on

A) sales

A) sales

B) purchases

B) purchases

C) equality

C) equality

D) floor space

D) floor space

#37. Department K Y Opening stock #2,500 #800 Purchases #120,000 #100,000 Sales #180,000 #200,000 Salaries #8,000 #30,000 Closing stock #3,000 #1,500 Rate expenses of #1,500 are apportioned in the ratio 1:2.What is he net profit of Y?

A) #52,000

A) #52,000

B) #68,300

B) #68,300

C) #68,800

C) #68,800

D) #69,700

D) #69,700

#38. The objective of departmental account is to

A) ascertain the cost of running the organization

A) ascertain the cost of running the organization

B) ascertain the amount of profit or loss for each department

B) ascertain the amount of profit or loss for each department

C) ascertain the amount of profits for losses for the enterprises

C) ascertain the amount of profits for losses for the enterprises

D) offset the loss of each treatment

D) offset the loss of each treatment

#39. Which of the following is the capital reserve of a company

A) Share premium

A) Share premium

B) Retained profit

B) Retained profit

C) Accumulated depreciation

C) Accumulated depreciation

D) Loss on forfeited shares

D) Loss on forfeited shares

#40. Given: Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows; On application 46k On allotment 20k 1st Call 15k 2nd Call 19kHow much is to be paid for application?

A) #230,000

A) #230,000

B) #280,000

B) #280,000

C) #500,000

C) #500,000

D) #550,000

D) #550,000

#41. The issued share capital is the number of shares that are

A) authorized by share holders

A) authorized by share holders

B) shared among the directors

B) shared among the directors

C) fully subscribed

C) fully subscribed

D) in the share certificate

D) in the share certificate

#42. The distributable profit available to shareholders at the end of each year is the

A) total profit and debtors balance

A) total profit and debtors balance

B) general reserve and retained profit

B) general reserve and retained profit

C) retained profit and fictitious assets

C) retained profit and fictitious assets

D) total profit less creditors balance

D) total profit less creditors balance

#43. The debenture issued at par above the nominal value is said to be issued at a

A) cost price

A) cost price

B) mark-up

B) mark-up

C) premium

C) premium

D) margin

D) margin

#44. Accountant-general of the federation is responsible for

A) the general supervision of all auditing personnel in all the ministeries

A) the general supervision of all auditing personnel in all the ministeries

B) the compilation of annual financial statement

B) the compilation of annual financial statement

C) the interpretation of rules and regulations affecting the private sectors

C) the interpretation of rules and regulations affecting the private sectors

D) ensuring the efficient operation of the ministries

D) ensuring the efficient operation of the ministries

#45. Given:Assets and Liabilities of a Local Government Bank balance #6,484,000 Cash ₦900,000 General revenue balances #9,774,500 Accrued salaries #1,220,000 Investment in shares #1,480,000 Vehicles #7,620,000Calculate the liabilities of the local government

A) #10,994,500

A) #10,994,500

B) #17,394,500

B) #17,394,500

C) #18,774,500

C) #18,774,500

D) #18,874,500

D) #18,874,500

#46. An instrument which allows public officers to increase expenditure within a year is

A) statutory allocation

A) statutory allocation

B) supplementary budget

B) supplementary budget

C) virement

C) virement

D) warrant

D) warrant

Finish

Practice other past questions here

Practice other Financial Accounting Past Questions Here