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Financial Accounting Past Questions v3 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v3 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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  • JAMB
  • Post-UTME / Post-JAMB
  • WAEC
  • NECO
  • WAEC GCE
  • NECO GCE
  • NABTEB
  • NABTEB GCE
 

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#1. The factory cost of producing goods is made up of Options

#2. Interest on a partner’s drawings is debited to the Options

#3. Equity shareholders’ fund is Options

#4. If a 10% dividend is approved, what is the dividend payable to ordinary shareholders? Options

#5. A charitable club has the following figures: N Subscriptions received in 1991 2 800 Subscriptions unpaid in 1990 300 Subscriptions paid for 1992 150 Subscriptions due 1991 180 How much should be charged to the income and expenditure of this club as subscription for 1991? Options

#6. Trade creditors account was maintained at 25% of the capital. What was the balance in the trade creditors account as at 31/12/92? Options

#7. What was the balance showed wages, ₦2 500 and a note stated that ₦500 wages were due but unpaid when preparing final accounts and loss account with Options

#8. The trial balance showed wages, ₦2 500 and a note stated that ₦500 wages, were due but unpaid when preparing final accounts and loss account with Options

#9. which of the following factors has aided the development of accounting? Options

#10. Which of the following concept stipulates that accounting profit is the difference between revenue and expenses? Options

#11. An effective accounting system should provide information Options

#12. Which of the following accounting records are source documents? Options

#13. Given: Motor van, ₦3,600, Premises, ₦5,000; Loan from R. Nwaeke, ₦1,000; Cash at bank; ₦1,650; stock of goods ₦4,800; Creditors, ₦2,560; Cash in hand, ₦250 and debtors ₦6,910. calculate the capital figure. Options

#14. Which of the following transaction is BEST recorded in the general journal? Options

#15. Diamond Ringo business was started when Mr. Diamond brought in a cheque of ₦500,000, which was paid into the bank account. Which of the following entries properly records the transaction? Options

#16. One major advantage of ledger is that it Options

#17. A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of Options

#18. What are the advantages of an imprest petty cash book? I cheques can be drawn easily II A cheque on the use of cash III Liability of the petty cashier is limited to the value of petty cash IV Loses through the petty cashier can be minimized Options

#19. Bola, UTC’s regular customer, owed ₦1,00 on account of a radio bought. If he sent in a cheque for ₦1,500, UTC would send him a Options

#20. A payment of cash of ₦20 to John was entered on the receipt side of the cash book in error and credited to John’s account. Which of the following journal entry can be used to correct the error? Options

#21. The following represent extracts from the trading account of a retail outlet for a given month: Opening stock ₦2,400 Closing stock ₦6,400 Other expenses ₦2,000 Sales ₦11,000 Profit ₦900 What is the purchase figure for the month? Options

#22. Adama’s bank account showed an overdraft of ₦600 on 31st march. On going through the account, it was discovered that the ₦1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama’s cash accounts? Options

#23. Why are adjustments in the profit and loss account necessary? Options

#24. Sales ledger control account contains the total amount in respect of Options

#25. The purchase ledger control account of a company had an opening balance of ₦45,600 credit and closing balance of ₦72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of ₦18,600 on this account. What were the credit purchase for the period? Options

#26. The starting point for the production of accounts from incomplete records is to Options

#27. I. A retailer when fixing his selling price adds one-quarter to the cost of the article II. The expenses of the retailer is 10% of his sales III. The total sales is ₦23,000 IV. he turned over his stock five times in the year. Compute the average amount of stock in hand at cost price Options

#28. I. A retailer when fixing his selling price adds one-quarter to the cost of the article II. The expenses of the retailer is 10% of his sales III. The total sales is ₦23,000 IV. he turned over his stock five times in the year. The net profit for the year is Options

#29. Given: Prime cost ₦220,000 Factory cost ₦32,000 Work in progress at beginning ₦25,000 Work in progress at close ₦19,000 Administrative expenses ₦21,000 Determine the production cost Options

#30. The factory cost of producing goods is made up of Options

#31. The following information is provided for amusa company limited , a manufacturer Prime cost ₦999,000Manufacturing overhead ₦132,000Closing work in progress ₦75,000values of finished goods transferred to thetrading account ₦1,116,000If including in the manufacturing overhead were rents of ₦5,000 paid in advance, what is the opening work in progress for the period? Options

#32. Subscription in arrears are Options

#33. Where a non-profit making organization prepares the account using accruals basis of reporting, the statement showing how well the organization is doing is the Options

#34. A member of a club paid ₦1,000 as is subscription for 1993 and ₦1,200 as subscription for 1992. If the financial year of the society ended on 31st December 1993, the ₦1,200 subscription will be treated in the balance sheet as Options

#35. Which of the following is a strong feature of partnership? Options

#36. Interest on a partner’s drawings is debited to the Options

#37. A partnership on admitting a new member, revalued the business’ land and building from ₦30,000 to ₦70,00. The difference of ₦40,000 should be Options

#38. Halidu and Hamed are business partners with ₦30,000 and ₦20,000 capital respectively. At the end of the financial year, a profit of ₦12,000, which included Halidu’s salary of ₦3,000 was made. Hamed’s share of the profit should be Options

#39. The conversion of a partners business into a limited liability company affords the Options

#40. Which of the following ratios gives an idea of the liquidity of a firm? Options

#41. A total of 400,000 shares of ₦1 each are to be issued by Sariki company Ltd at a price of ₦1.20 per share. Application were received for 600,000 shares out of which 100,000 were dishonored. If the available share were distributed pro-rata, what refund will be due a subscriber who applied for 5,000 shares? Options

#42. The measure of a company’s ability to pays its debts quickly is called Options

#43. Departmental accounts are maintained to ascertain the Options

#44. The Asa branch of Emene company Ltd, made a sales of ₦549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were ₦34,400 and there were no discrepancies, what should be the profit of the branch for the period? Options

#45. Which of the following statement is correct about the head office current account and the branch current account? Options

#46. Which of the following are sources of revenue to state government in Nigeria? I Statutory allocation II Fines from customary courts III Petroleum tax IV Income tax IV Options

#47. Eko Local Government expenditure Hospital building ———————- ₦200,000 Drugs ———————————- ₦180,000 Hospital beds and mattresses ———— ₦40,000 Doctors’ and nurses’ salaries ———- ₦120,000 Administrative expenses —————– ₦50,000 Recurrent expenditure is Options

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