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Financial Accounting Past Questions v16 (JAMB/WAEC/NECO)

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

Financial Accounting Past Questions v16 (JAMB/WAEC/NECO)

 

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#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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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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