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Financial Accounting Past Questions v9 (JAMB/WAEC/NECO)

Financial Accounting Past Questions v9 (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 v9 (JAMB/WAEC/NECO)

 

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

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

#16. 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

#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 double entry required for the mark-up is debit Branch

#18. A ledger is a

#19. A real account is the account of

#20. An item is fictitious because it

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

#22. A provision is

#23. A cash discount is a

#24. Use the following information to answer this questionKudi Local Government Council incurred the following expenditure in 1995: N Payment of salaries 140,000 Purchase of drugs for dispensaries 80,000 Purchase of books for Library 30,000 Sinking of wells 70,000 Extension of Council offices 160,000The amount of revenue expenditure for 1995 was

#25. An expense becomes an accrual because it

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

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

#28. Which of the following best described the path of a transaction?

#29. Where there are no proper books of account , the capital at the commencement of a period is ascertained by preparing

#30. Rent receivable is a

#31. Which of the following is a factory overhead?

#32. Use the following information to answer this questionA business whose assets consisted of stock ₦15,000 and debtors ₦8,000 was bought by issuing 20,000 ordinary shares of ₦1 each at a premium of 20 percent.The purchase consideration was

#33. Use the following information to answer this questionA business whose assets consisted of stock ₦15,000 and debtors ₦8,000 was bought by issuing 20,000 ordinary shares of ₦1 each at a premium of 20 percent.The amount of goodwill was

#34. When a share is sold for less than its nominal value, the difference is called

#35. Which of the following serves the same purpose as a Trading Account?

#36. Which of the following is not a revenue receipt?

#37. In analyzing incomplete records, which of the following should be investigated?

#38. Given: N Direct material – 10 000 Direct labour – 5000 Direct expenses – 2000 Factory overhead – 4000 What is the prime cost?

#39. The difference between a trading account and a manufacturing account is that while the manufacturing account

#40. An income and expenditure account is a summary of

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Practice other Financial Accounting Past Questions Here

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