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Financial Accounting Past Questions v21 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v21 (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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  • WAEC
  • NECO
  • WAEC GCE
  • NECO GCE
  • NABTEB
  • NABTEB GCE

Financial Accounting Past Questions v21 (JAMB/WAEC/NECO)

 

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#1. A financial analyst needs accounting information to

#2. Goods worth ₦300 was transferred from department Q to P. Similarly, P’s total expenses for the period was ₦200. Department P’s net profit was

#3. Given that the balance as per cash book after adjustment was ₦6315, nu-presented cheques ₦1000 and the bank statement balance ₦3240. What was the balance of the nu-credited cheques

#4. Use this information below to answer this question.Trading Account (Extract)……………..N………………………..N…… Opening stock…19500……..Sales…………96 000.. Add purchases…68700…………………………… …………….88200…………………………… Less closing stock..?…………………………… Cost of goods sold..?…………………………… Gross profit C/D….?…………………………… ………………..?……………………..?…… The gross profit margin is 20% Determine the closing stock

#5. Give: 1. Ascertainment of the particulars of the proposed company II. Preparation of the incorporation documents III. Filling of the documents IV. Registration of the company From the information above, the stages involved in the formation of a company are

#6. One of the major features of bookkeeping is that it?

#7. Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?

#8. A financial analyst needs accounting information to?

#9. One basic assumption of the double entry theory is that it allows?

#10. Given: Sales…………………₦4000 Light expenses…………₦2900 Rent………………….₦1500 Purchases……………..₦7500 Debtors……………….₦6000 Creditors……………..₦29000 Drawings………………₦25 Bank………………….₦400 General expenses……….₦1500 Calculate the total of trial balance?

#11. Bariga, a stock broker bought stationery for ₦12000 by cash. To record this transaction, debit?

#12. Use the information below to answer questions . (i) Cash at bank (ii) Cash in hand (iii) Premises (iv) Land (v)Creditors (vi)loan from friends/bank. What are the current assets?

#13. Given: …………….Cash Book…………………… Capital……….₦6 500……..purchases…..₦12 250 Sales…………₦30 000……..Rent……….₦9 100 …………………………..Motor vehicle.₦2 400 Find the bank balance?

#14. An entry made in bank column of cash book to record movement of cash between the office and the bank is the?

#15. Abba offers 5% cash discount on goods worth ₦10 000, The discount allowed account is to be?

#16. Commission-on-turnover is charged on?

#17. The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?

#18. The accounting principle that is applied to check arbitrary actions on the part of accountants is?

#19. The loss of equipment in a fire disaster results in?

#20. A source document is used for verifying the?

#21. The rule of accounting equation requires that account payable should be placed under?

#22. A debit in the suspense accounting will appear in the balance sheet as?

#23. The receipt whose name appears on a cheque is called a?

#24. The imprest account is subsidiary to the?

#25. Zakari started a business in January 2000. He bought a shop costing ₦54,000 and stock worth ₦7,600. Profit for the year amounted to 22,100. His closing capital was ₦73,800. Zakari’s personal drawings amounted to?

#26. The balance on the provision for depreciation account is?

#27. Given: Rates paid during the year amounted to ₦2,250 at ₦125 per month and 1,035 was paid for electricity in the same period at ₦115 per month. Determine the amount of prepaid rates?

#28. Where closing stock is undervalued, the effect is?

#29. The balancing figure in the purchases ledger control account is?

#30. Use the information below to answer the question: Opening balance………………………..₦10,640 Purchases……………………………..₦26,912 Returns inwards………………………..₦492 Returns outwards……………………….₦810 Cash discount received………………….₦1,348 Cash discount allowed…………………..₦1,560 Cash paid to suppliers………………….₦20,808 At the year end, the purchases ledger showed a debit balance of ₦108. The total on the debit side of the purchases ledger control account will be?

#31. In a sales ledger, contra entry is found on the?

#32. The beginning and ending accounts receivable balances were ₦20,000 and ₦30,000 respectively. The collection from customers during the period was ₦70,000. What was the total sale on account?

#33. Given: General expenses account. Paid by cheque………………₦671 Paid by cash………………..₦70 Accrued b/f…………………₦65 Accrued c/f…………………₦115Determine how much to be charged to profit and loss account?

#34. In converting single entry to final account, the balancing figures on the income and expenses accounts are transferred to the?

#35. Use the information below to answer the question. Beginning inventory…………N? Purchases………………….N? Ending inventory……………₦4,800 Sales……………………..₦12,800 Wages……………………..₦1,040 Gross profit……………….₦5,900 The beginning inventory was estimated at 80% of sales. Determine the amount for the beginning inventory

#36. What is the figure for purchases?

#37. Cost classification in relation to charges is determined by the level of?

#38. Use the information below to answer the question. Materials consumed……………….₦16,600 Direct cost……………………..₦5,400 Factory rent…………………….₦2,300 Factory lighting…………………₦1,200 Cost of production to be transferred at cost plus 20% mark-up. The gross profit on manufacture is

#39. The market value of goods produced is?

#40. Use the information below to answer the question. On January 1, 2000, a club’s assets and liabilities were as follows: Club house……………….₦8,000 Subscription……………..₦300 Cash…………………….₦1,000 Wages owed……………….₦100 The club has 50 members, and the annual subscription is ₦100 per member. Subscription received is ₦4,000, and this includes 1999 arrears of ₦200. The accumulated fund is

#41. In the balance sheet, the subscription in arrears will be?

#42. Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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