Create Post

Mon - Fri: 9:00 - 17:00

Register Here

Create Post

Mon - Fri: 9:00 - 17:00

We are open to visit

Financial Accounting Past Questions v5 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v5 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

HAVE YOU USED OUR JAMB TOOL YET? IT PROVIDES YOUR JAMB COMBINATION FOR FREE

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

Financial Accounting Past Questions v5 (JAMB/WAEC/NECO)

 

Results

GOOD JOB

TRY AGAIN

Share your score!
Tweet your score!
Share to other

#1. The books of accounts are opened by means of a

#2. Which of the following is true of trade discounts?

#3. Return inwards was understated. The effect is that

#4. Which of the following is not contained in the sales ledger control account?

#5. Which of the following is a credit item on an income and expenditure account?

#6. Payment for future services are

#7. An excess of the value of the assets over the purchases consideration for acquisition of business is credited to

#8. shares are sold at less than nominal value. They are issued at a

#9. A share is under-subscribed when

#10. A trial balance is a proof of accuracy of

#11. The term bad debts means debts

#12. Goodwill is

#13. Purchases in accounting refers to goods bought for

#14. Carriage outwards is charged to the

#15. Where a proprietor withdraws cash from bank for office use, the entries would be

#16. A debit cash balance of ₦26,900 was brought down as ₦24,300. The entries necessary to correct the error are

#17. When a buyer is undercharged, the seller forwards

#18. Cash discount is given for

#19. Where there is no partnership agreement, any contribution in excess of the agree capital attracts

#20. Which of he following is a current asset item?

#21. Which of the following is a Real account item?

#22. A plant which costs ₦1,000 and has a residual value of ₦125 is depreciated at 20% per annum. Using the diminishing balance method, what is the amount of depreciation for the second year?

#23. Which of the following serves the same purpose as the income and expenditure account of a non-trading organization?

#24. A plant which costs ₦1,000 and has a residual value of ₦125 is depreciated at 20% per annum. Using the straight-line method, what is the depreciation charge for the second year?

#25. A plant which costs ₦1,000 and has a residual value of ₦125 is depreciated at 20% per annum. Using the diminishing balance, what is the net book value at the second year?

#26. Which of the following is treated under partnership appropriation account?

#27. Debtors at start was ₦5,620 and at close ₦3,460. Cash and cheques received from customers amounted to ₦16,330. Credit sales for the year valued

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

#29. Rate of stock turnover is defined as

#30. Rate of stock turnover is defined as

#31. Which of the following is not true of a partnership business without written agreement?

#32. Creditors at start was ₦940 and purchases for the year was ₦4,060. During the year, cash paid to creditors was ₦3,890. ₦490 was received as discount. What is the creditors amount in the balance sheet?

#33. A cheque drawn for ₦1200 was entered in the cash book as a receipt. The accounting entries are

#34. Debtors on 1st January was ₦1,490 and sales for the year was ₦5,760. Cash received from debtors during the year was ₦5,410. Bad debt written off was ₦410. Discount allowed amounted to ₦320. What was the debtors’ balance at the end of the year?

#35. Debtors on 1st January was ₦1,490 and sales for the year was ₦5,760. Cash received from debtors during the year was ₦5,410. Bad debt written off was ₦410. Discount allowed amounted to ₦320. What was the net profit for that year, assuming a gross profit of ₦3,650 was made?

#36. Which of the following errors will not allow a trial balance to agree?

#37. Profit expressed as a proportion of cost price is known as

#38. Bosun bought goods worth ₦500 and sold it at a margin of 20% on selling price. For how much did he sell the goods?

#39. Which of the following does not appear on the debit side of a company’s profit and loss appropriation account?

#40. Which of the following is not a profit and loss appropriation account item?

Previous
Finish

Practice other past questions here

Practice other Financial Accounting Past Questions Here

Share This :
Facebook
Twitter
WhatsApp
Telegram

Related Posts:

Recent Updates

Free JAMB Subject Combination Tool

Get Access

© 2022 All rights reserved

PROUDLY DESIGNED & MAINTAINED BY ECGD TECHNOLOGY