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Financial Accounting Past Questions v27 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v27 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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  • NECO
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  • NECO GCE
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  • NABTEB GCE

Financial Accounting Past Questions v27 (JAMB/WAEC/NECO)

 

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#1. When there is a change from T to N, it implies that

#2. A movement from M to T implies that there has been

#3. The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

#4. The diagram above shows theshifts in both demand supply curves. What is the new equilibrium point after the shifts?

#5. The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

#6. In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

#7. In a textile factory, the cost of cotton used is a typical example of

#8. A black market can occur when

#9. A major characteristic of a mixed economy is that

#10. Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output?

#11. If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be

#12. A necessary condition for specialization in an economy is the existence of

#13. A firm operating at full capacity will experience rising short-run total costs when

#14. A change in demand for a normal good means

#15. In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to

#16. In any set of data, median represents the

#17. One of the assumptions of ordinal utility in consumer behaviour is that

#18. A large standard deviation is an indication of

#19. The number of shareholders in a private limited liability company ranges from

#20. A major reason for having national development plans is to

#21. The difference between payments and receipts for visible trade is called

#22. One of the causes of the present high rate of inflation in Nigeria is

#23. The final stage in the production process of any commodity involves its movement from the

#24. The European Union was formed to

#25. When the importation of a commodity is limited to a definite quantity, the trade control means used is known as

#26. If budget deficits are financed by borrowing the crowing-out effect can be offset by an increase in

#27. The excess of aggregate expenditure over full employment level of output is referred to as

#28. The tax levied on goods and services at each stage of production is

#29. The labour force in Nigeria falls between the ages of

#30. Government’s involvement in agricultural business in Nigeria is most manifested in the

#31. The difference between birth and death rates of a given population is referred to as the

#32. Fiscal policy is the government’s plan to control aggregate demand by manipulating

#33. A country is said to have absolute advantage when she

#34. The purpose of conducting a census is to enable a country to

#35. A major cause of the slow pace of industrialization in Nigeria is inadequate

#36. Maximum wage legislation seeks to

#37. Import duty concessions on the industrial inputs directly benefit the

#38. Which financial institution is charged with the formulation of monetary polices in Nigeria?

#39. GDP differs from GNP because GDP

#40. The distinction between perfect competition and monoplistic competition is that the latter is characterized by

#41. The downstream activities of oil companies in Nigeria involve

#42. The movement of goods and services from the producers to the consumers is referred to as

#43. The role of the Central Bank in the economic development of Nigeria is to

#44. At the maximumpoint of the total product curve of a firm, marginal revenue is

#45. The primary function of non-bank financial institutions is to

#46. In an open economy, the GNP is measured as

#47. The capital market provides business firms with the avenue to

#48. Given that Y = C + I and C = bY where b = 0.8, what is the multiplier?

#49. By advertising, a monopolistic competitive firm tries to shift its

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