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Financial Accounting Past Questions v2 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v2 (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
 

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#1. Which of the following statements is not valid?

#2. Carriage outwards is charged to the

#3. Where a proprietor withdraws cash from bank for office use, the entries would be

#4. A debit cash balance of ₦26,900 was brought down as ₦24,300. The entries necessary to correct the error are

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

#6. Cash discount is given for

#7. Where there is no partnership agreement, any contribution in excess of the agree capital attracts

#8. Which of he following is a current asset item?

#9. Which of the following is a Real account item?

#10. A plant which costs ₦1,000 and has a residual value of ₦125 is depreciated at 20% per annum. Using the diminishing balance method, what is the amount of depreciation for the second year?

#11. Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?

#12. A plant which costs ₦1,000 and has a residual value of ₦125 is depreciated at 20% per annum. Using the straight-line method, what is the depreciation charge for the second year?

#13. A plant which costs ₦1,000 and has a residual value of ₦125 is depreciated at 20% per annum. Using the diminishing balance, what is the net book value at the second year?

#14. Which of the following is treated under partnership appropriation account?

#15. Debtors at start was ₦5,620 and at close ₦3,460. Cash and cheques received from customers amounted to ₦16,330. Credit sales for the year valued Options

#16. The excess of current assets over current liabilities is

#17. Rate of stock turnover is defined as

#18. Which of the following is not true of a partnership business without written agreement?

#19. Creditors at start was ₦940 and purchases for the year was ₦4,060. During the year, cash paid to creditors was ₦3,890. ₦490 was received as discount. What is the creditors amount in the balance sheet?

#20. A cheque drawn for ₦1200 was entered in the cash book as a receipt. The accounting entries are

#21. Debtors on 1st January was ₦1,490 and sales for the year was ₦5,760. Cash received from debtors during the year was ₦5,410. Bad debt written off was ₦410. Discount allowed amounted to ₦320. What was the debtors’ balance at the end of the year?

#22. Which of the following errors will not allow a trial balance to agree?

#23. Profit expressed as a proportion of cost price is known as

#24. Bosun bought goods worth ₦500 and sold it at a margin of 20% on selling price. For how much did he sell the goods?

#25. Which of the following does not appear on the debit side of a company’s profit and loss appropriation account?

#26. Which of the following is not a profit and loss appropriation account item?

#27. A typewriter for office use sold for ₦5,000 was posted to sales account. This is an error of a

#28. Goods purchased for ₦92 was entered in the books as ₦29. This is an error of

#29. John brought in an additional plant into his business. What are the accounting entries necessary to reflect the transaction?

#30. Patent and Trade mark are classified under

#31. A machine bought for ₦7,000 was estimated to have a useful life of 4 years and a scrap value of ₦500. Using the straight line method, what was the amount of depreciation charged per annum?

#32. Fixed assets include

#33. Deferred charges are also known as

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Practice other Financial Accounting Past Questions Here

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