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Financial Accounting Past Questions v4 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v4 (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. A suspense account is used to

#2. To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?

#3. Subscription in advance is treated in the Balance sheet of non-profit making organizations as

#4. A sales day book is used to record

#5. Which of the following is not a capital expenditure to a local government?

#6. A Receipt and Payments Account reveals

#7. An example of appropriation of profit in a company is

#8. In a partnership goodwill is recognized when

#9. Which of the following is a normal account?

#10. Use the following information to answer this questionAn asset was bought on 1st January, 1992 for ₦20,000. Depreciation was provided for annually at 20% on cost. It was sold for ₦7,000 on 1st July, 1995.Accumulated depreciation at the time of sale was

#11. Use the following information to answer this questionAn asset was bought on 1st January, 1992 for ₦20,000. Depreciation was provided for annually at 20% on cost. It was sold for ₦7,000 on 1st July, 1995.The profit on sale was

#12. In Manufacturing Account, prime cost plus factory overhead is known as

#13. Which of the following is an advantage of the impurest system?

#14. Where a business is purchased, the full amount of the purchase consideration is credited to

#15. A financial plan of action expressed in monetary terms is known as

#16. Which of the following is not a source document for recording sales?

#17. Use the following information to answer this question A company charges out goods to a branch at cost plus 25 percent. It invoiced ₦12,00 worth of goodsThe mark-up is

#18. Use the following information to answer this question A company charges out goods to a branch at cost plus 25 percent. It invoiced ₦12,00 worth of goodsThe double entry required for the mark-up is debit Branch

#19. A ledger is a

#20. A real account is the account of

#21. An item is fictitious because it

#22. Which of the following is not a personal account?

#23. A provision is

#24. A cash discount is a

#25. An expense becomes an accrual because it

#26. The amount for which a business is sold is known as

#27. The person who is responsible for the formation of a company is called the

#28. The amount of a company’s profit given to a shareholder is known as

#29. Which of the following does not belong to the group?

#30. A partner’s drawing is debited to

#31. Trade debts amounting to ₦300 were written off. Which of the following would be affected?

#32. Debenture is a

#33. Which of the following is a Revenue Income?

#34. Which of the following is a fictitious asset?

#35. Income received in advance is shown in the balance sheet as

#36. Gavon. Ltd. failed to record ₦2,000 wages. The error committed is that of

#37. The excess of current assets over current liabilities is

#38. Carriage inwards are

#39. Which of the following accounts is not kept by a local government?

#40. Abdul paid off his indebtedness to John by cash. The accounting entries in Abdul’s books are: debt

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Practice other past questions here

Practice other Financial Accounting Past Questions Here

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