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Financial Accounting Past Questions v24 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v24 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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  • NABTEB GCE

Financial Accounting Past Questions v24 (JAMB/WAEC/NECO)

 

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#1. Given: Determine the balance

#2. Given: Determine the balance

#3. The basis upon which assets of an organization is valued is the

#4. An accountant must not only be interested in record keeping but also in

#5. The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit

#6. The capital of a sole trader can be increased by

#7. Akirika bought a motor van for his business by cash. The entries are to debit

#8. Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000. In the book of Ibrahim, the entry to record the transaction would be to debit

#9. Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000. The record in Jide’s book would be to debit

#10. In a three-column cash book, dishonored cheques will be shown on the

#11. Cash can be drawn from the bank using

#12. In a modern day banking system, cash transfer cannot be made where the transferor

#13. Given: Cash book balance- #5000 Dishonored cheque- #1000 Direct credit – ₦800 Direct debit – ₦500The adjusted cash book balance is

#14. At the end of a financial period, the trading Profit and loss account of a sole trader Shows a profit of #180,000. it is however Discovered that revenue of #15,000 is Recorded as expenses while expenses of #4,000 is recorded as revenue.The revenue to be added as an adjustment is

#15. Which of the following is an item of special assets?

#16. 1/5/07 Purchased 100 bags of milk at #10.00k each 3/5/07 Purchased 60 bags of milk at #11.50k each 15/5/07 Issued 85 bags of milk 15/5/07 Purchased 180 bags of milk at #12.80K each 22/5/07 Issued 145 bags of milk.Using simple average method, calculate the value of stock after 22/5/07

#17. The LIFO method has an advantage over FIFO in that stocks are valued at

#18. In sales ledger control account, returns inwards is usually

#19. Purchasers ledger control account can also be referred to as

#20. Which of the following is a debit item in the sales ledger control account

#21. In manufacturing accounts, finance expenses are charged to the

#22. Total production cost- #360,000 Factory overhead cost- #56,000 Selling price per unit- # 120 Production volume 4000 unitsDetermine the value of prime cost

#23. The main advantage of a departmental account is that its

#24. The excess revenue over expenditure is charged to

#25. Given: Fixtures-#30,000 Debtors-#7,000 Stock- #8,000 Creditors-#3,000 Goodwill-#10,000Determine the capital

#26. In the head office ledger, the value of goods sent to the branch are

#27. Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

#28. The partners capital are: Modibbo #60,000 And Jakata #90,000. The partners share Profit and losses in the ratio of their capital Contributions. The net profit for the year is #12,000.Find Modibbo’s share of the profit

#29. The partners capital are: Modibbo #60,000 And Jakata #90,000. The partners share Profit and losses in the ratio of their capital Contributions. The net profit for the year is #12,000.What is Jakata’s sharing profit? Options

#30. In what way can goodwill be written off in a partnership business?

#31. Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are

#32. In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are

#33. Given: 1. The Memorandum of Association of the Company 11.The Article of Association of the Company 111. The Incorporation documentsFrom the above, which of the following is delivered to the Registrar of companies for incorporation

#34. When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit

#35. Investment at cost of a company is to be disclosed under

#36. Purchasers – #44,880 Sales – #85,850 Trade creditors – #12,250 Trade debtors – #24,000 Accrued expenses – # 350 Prepaid expenses – # 700 Stock 1/1/2006 – #25,120 Stock 31/12/2006 – #27,840Calculate the acid test ration

#37. Purchasers – #44,880 Sales – #85,850 Trade creditors – #12,250 Trade debtors – #24,000 Accrued expenses – # 350 Prepaid expenses – # 700 Stock 1/1/2006 – #25,120 Stock 31/12/2006 – #27,840Determine the number of times stock was turned over during the period to the nearest figure

#38. Which of the following is a source of revenue to the federation account?

#39. The Petroleum Technology Development Fund is under the

#40. The power to appoint the Auditor General of the Federation is vested in the

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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