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Financial Accounting Past Questions v12 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v12 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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  • JAMB
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  • NECO
  • WAEC GCE
  • NECO GCE
  • NABTEB
  • NABTEB GCE

Financial Accounting Past Questions v12 (JAMB/WAEC/NECO)

 

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#1. Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are ₦60,000 and ₦40,000 respectively. Profit for the year is ₦20,000. Interest on capital is 10%. What is Jacob’s share of profit?

#2. Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are ₦60,000 and ₦40,000 respectively. Profit for the year is ₦20,000. Interest on capital is 10%. If Williams introduces cash of ₦10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan

#3. Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are ₦60,000 and ₦40,000 respectively. Profit for the year is ₦20,000. Interest on capital is 10%. What is Williams’ interest on capital?

#4. In a bonus issue of one new share for every four held, a holder of 100,000 shares will get additional shares of

#5. A partner who has full power of participating in the conduct of a partnership business is a

#6. The ratio which measures the solvency of a firm is the

#7. When goods are purchased on account, the accounting entries are

#8. Closing stock was overstated. The effect is that

#9. XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of ₦1 each at a discount of 5%. The assets of ABC Enterprises are stock ₦18,000. Debtors ₦11,000. The purchase consideration was

#10. XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of ₦1 each at a discount of 5%. The assets of ABC Enterprises are stock ₦18,000. Debtors ₦11,000. Capital reserve was

#11. The entries necessary for recording profit loading on goods sent to branch are

#12. Expenses incurred when incorporating a company are

#13. Gross Profit of a business is the

#14. Prepaid rent of ₦650 had been recorded as ₦560. This is an error of

#15. When a buyer is undercharged, the seller forwards

#16. Rent owing as at 31st December 1998, ₦800. Rent paid up to 31st December 1998, ₦1,700. Rent owing as at 1st January 1998, ₦500. Rent charged to the profit and loss account for the year 1998 is

#17. Rent owing as at 31st December 1998, ₦800. Rent paid up to 31st December 1998, ₦1,700. Rent owing as at 1st January 1998, ₦500. The closing balance for 1998 is an item under

#18. In computing, external storage is called

#19. In computing, ALU stands

#20. Which of the following is not a petty cash book item? purchase of

#21. The vote book in Public Sector Accounting is used to

#22. The accounting entry for depreciation at the end of each year is to debit

#23. An account is said to have a debit balance because

#24. A motor vehicle bought for ₦16,000 was estimated to have a useful life span of 4 years and a scrap of ₦2,000. What is the net book value of the motor vehicle at the end of the third year, using the straight line method?

#25. A motor vehicle bought for ₦16,000 was estimated to have a useful life span of 4 years and a scrap of ₦2,000. Using the straight line method, what is the amount of depreciation charged per annum?

#26. A motor vehicle bought for ₦16,000 was estimated to have a useful life span of 4 years and a scrap of ₦2,000. If the vehicle is sold for ₦6,000 at the end of third year, what is the profit or loss on sale?

#27. Which of the following is not an example of input device?

#28. The double entry for increasing provision for bad debt is debit

#29. Bills receivable is a

#30. How much did Olu sell goods bought at ₦1,000 if he sells at a margin of 20% on selling price

#31. Which of the following accounts has a debit balance?

#32. Which of the following is used in locating errors in the ledger?

#33. A reserve is an amount

#34. The document which authorizes the Minister of Finance to release fund for government expenditure is

#35. Yahuza Enterpises Trial Balance (Extracts) as at Dec. 31, 1998. Capital Premises 90,000 21,000 Debtors 35,000 Provisions 1/1/98: Depreciation 9,000 Bad and doubtful 1,500 If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is

#36. Yahuza Enterpises Trial Balance (Extracts) as at Dec. 31, 1998. Capital Premises 90,000 21,000 Debtors 35,000 Provisions 1/1/98: Depreciation 9,000 Bad and doubtful 1,500 If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors, the total asset in the balance sheet is

#37. The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is

#38. Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent Relation to the factory are Apportioned 1/3,2/5, 1/6 and 17 With totals ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively.What is the cost of the opening raw materials?

#39. Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively. The production cost of finished goods is

#40. The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

#41. Given Dept A Dept B Floor space 40m2 60m2 Machine hours 1200 1400 Turnover ₦36 million ₦64 million Labour hours 1000 1400 A joint cost of ₦72 million incurred by the two departments was apportioned ₦30 million to A and ₦42 million to B. the basis used for apportionment must have been

#42. On November 1, 199 8, Zaria Holdings owed ₦13,600 in respect of a creditor. On November 15, it purchase goods worth ₦69,000 and paid a cheque of ₦51,600. On November 29, one of the Holdings’ cheques worth ₦3,000 was returned while the creditor granted ₦1,500 discount. The amount owed by Zaria Holdings as at November 29 is?

#43. To write off bad debt, debt?

#44. Use the information below to answer question 4 and 5.Sales ₦20,000 Cost sales ₦10,000 Operating expenses ₦2,500 Expenses prepaid included In operating expenses ₦500Calculate the net profit?

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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