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Financial Accounting Past Questions v28 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v28 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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  • NECO
  • WAEC GCE
  • NECO GCE
  • NABTEB
  • NABTEB GCE

Financial Accounting Past Questions v28 (JAMB/WAEC/NECO)

 

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#1. Balance as per cashbook 2, 970 Bank Charges 220 Unpresented cheques 3, 950 Uncredited cheques 4, 178 Direct debit by bank 1, 0000Determine the balance as per bank statement

#2. The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm’s capital?

#3. The major advantage of the journal proper is that it

#4. One of the objectives of accounting is that it can be used for

#5. The ratio that gives the indication of the efficiency of a firm’s sales with respect to cost of goods sold is a

#6. The instrument used in analysis and interpretation of financial statement is the

#7. An item in the balance sheet of a limited liability company is

#8. Which of the following is the capital reserve of a company?

#9. The effect of overstating revenue expenditure in the profit and loss account is that the

#10. Which of the following condition would attract credit and debit notes to be used?

#11. A receipt is an evidence of

#12. Turaki Youth Club Income and Expenditure for the year ended 31/12/04 # # Bal.b/d 390 Expenses on cleaning 300 Sales of – New tool 510 Trickets 4,000 Repairs 400 Donations 3,000 Electricity 350 Subscription 6,500 What is the total income for the period?

#13. An organization which has records of only personal accounts is said to be operating on the basis of

#14. A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?

#15. Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share Application and allotment 45k 1st call 50k 2nd call 55kDetermine the amount received on final call.

#16. When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at

#17. The income and expenditure account differs from receipts and payments account because it

#18. The major sources of revenue for the state and local governments is

#19. When the fixed capital method is used, the partners’ share of profits and remunerations are credited to the

#20. A discount that is allowed to encourage a debtor to pay off his debt within a period is the

#21. The costs of acquiring fixed assets and bringing them into the firm is a

#22. Impersonal account is subdivided into

#23. Opening balance of Dikscompany was #12,202, closing balance #15,300, total cash received during the period #40,000. What wasthe amount of cash paid during the same period?

#24. The total cash and cheques received from customers in a control account is derived from the

#25. Which of the foloowing is a credit item in creditors ledger control account?

#26. The trader is capital in a single entry system is ascertained by preparing

#27. I. Members subscription II. Fines from members III. Donation IV. Loan from bank From the informaation above, sources of income for a Not-for-profit-making organization include

#28. Clifford pays rent of #200 per month for premises He paid #2,800 within the year. Computer the prepayment.

#29. Purchases can be ascertained through the preparation of a

#30. When stock is withdrawn for personal use, the accounting entries is to debit

#31. Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts. Find the amount for sundry debtors after provision.

#32. Which of the following is accounted for in receipts and payments account?

#33. When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of

#34. A business organization prepares departmental account in order to

#35. The objective of departmental account is to

#36. The difference between book keeping and accounting is that while

#37. Use the information below to answer the question that follows, A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000. If the scrap value is now ₦15,000. What will be the yearly depreciation using the straight line method.?

#38. Use the information below to answer the question that follows, A machine bought for ₦35,000 was estimated to have a life span of 5years with a scrap value of ₦9,000. The yearly depreciation using the straight line method would be?

#39. Partners’ share of profit is credited to?

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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