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Financial Accounting Past Questions v23 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v23 (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 v23 (JAMB/WAEC/NECO)

 

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#1. Find the average stock for the period

#2. Calculate the cost of goods sold.

#3. The historical development of accounting reveals that it?

#4. In a trial balance, income and liabilities are?

#5. The principle of double entry system ensures?

#6. Ii) Add up both side Iii)Take the difference to the smaller and add to the smaller figure The correct procedure for balancing account is?

#7. Given: Light expenses……………….₦400 Purchases……………………₦3,000 Sales……………………….₦1,200 Creditors……………………₦2,250 Debtors……………………..₦50 Calculate the total of the trial balance?

#8. The major feature of a journal is that it has?

#9. The medium of correcting errors whose differences are shown in the trial balance is by the use of?

#10. Use the information below to answer question .Adamu Stores bought accessories from Mu’azu Beverages for ₦400 on credit. A trade discount of 10% and a cash discount of 15% were provided.Find the total amount paid?

#11. Use the information below to answer question .Adamu Stores bought accessories from Mu’azu Beverages for ₦400 on credit. A trade discount of 10% and a cash discount of 15% were provided.Calculate the cash discount

#12. In bank reconciliation process, discrepancies cause by timing arises as a result of?

#13. The process of reconciling cheques between banks is termed cheque?

#14. In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?

#15. Use the information below to answer question i) Stock of goods Ii) Furniture Iii)Creditors Iv) Cash at bank

#16. The type of expense charged against administration of a firm is the?

#17. In a period of declining price, which of the following methods would result in higher profit?

#18. Use the information above to answer questions 19 and 20.July 30 Closing stock 100 units at ₦90 July 8 Purchased 200 units at ₦95 July 10 Sold 160 units July 17 Returned 80 faulty units purchased at ₦95 July 18 Purchased 200 units at ₦105 July 20 Sold 180 units July 28 Purchased 200 units at ₦110 July 29 Sold 120 units July 30 Sold 100 unitsHow many units were at hand as at July 30?

#19. What is the value of stock as at the end of July 10 using FIFO?

#20. A typical example of a real account is?

#21. Use the information below to answer questions 23 and 24. Incomplete Record (Extract) Sales………………………………..₦10,600 Rent………………………₦200 Depreciation of vehicle (cost ₦5000) 10% Gross profit margin is 20% What is the cost of goods sold?

#22. Use the information below to answer questions 23 and 24. Incomplete Record (Extract) Sales………………………………..₦10,600 Rent………………………₦200 Depreciation of vehicle (cost ₦5000) 10% Gross profit margin is 20% Calculate the net profit?

#23. The cost that are directly traceable to the the goods being produced is?

#24. The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?

#25. Work-in-progress is the?

#26. The major festure of not-for-profit-making-organization is that they are formed?

#27. The subscription paid in advance is treated in the balance sheet of a club as?

#28. The capital of not-for-profit-making organization is referred to as?

#29. The major objective of departmental accounts is to ascertain the?

#30. The transactions relating to liquidation in partnership account is drawn by using?

#31. The cost method of charging goods to branch is used where?

#32. The correct entries to record goods transferred to branch from head office is to debit?

#33. The two accounts that are normally opened in the head office when goods are transferred to a branch are?

#34. Goods invoiced to a branch can be sent using?

#35. The major point of agreement carried by the partnership deed is?

#36. Use the information below to answer questions 40 and 41. Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2. Capital – Keme………….₦20 000 …….. – Kemi………….₦10 000 Drawings – Keme………….₦2 000 …….. – Kemi………….₦3 000 Profit………………….₦6 000 Interest on capital………5% Interest on drawings……..10% The interest on Kemi’s capital is?

#37. Use the information below to answer questions 40 and 41. Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2. Capital – Keme………….₦20 000 …….. – Kemi………….₦10 000 Drawings – Keme………….₦2 000 …….. – Kemi………….₦3 000 Profit………………….₦6 000 Interest on capital………5% Interest on drawings……..10% The interest on Keme’s drawings is calculated as?

#38. Which of the following can be used on admission of a new partnership?

#39. Goodwill is determined using?

#40. The founders of a company are?

#41. The fund in which all government receipt are paid is?

#42. Which of the following accounts for the highest revenue to Nigeria?

#43. If Aboki Holdings Limited issued 120, 000 ordinary share of ₦2.00 each at market value of 5.50k each, the share premium would?

#44. Which of the following is a signatory to federal government account?

#45. The chief accounting officer of a local government is the?

#46. Which of the following signs general warrant for the release of money from the consolidated revenue fund?

#47. The item on the credit side of the trading account is the?

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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