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Updated on June 8, 2023

Financial Accounting Past Questions v11 (JAMB/WAEC/NECO)

These Financial Accounting past 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

Financial Accounting Past Questions v11 (JAMB/WAEC/NECO)

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#1. Use the information to answer the question that follows: Aminu and Sons credit purchases (Extract] as at February 1996. Feb 1 Credit balances: ₦40,000 Debit balances: ₦1,000 Feb 28 Purchases journal totals: ₦500,000 Returns outwards journal totals: ₦50,000 Cheques paid to suppliers: ₦400,000 Promissory notes sent to suppliers: ₦30,000 Credit balance in the purchases ledger set off against debit balances in the sales ledger: ₦2000 The total for the purchases ledger control account is

#2. Errors in the ledger can be corrected through

#3. Item in the bank statement of a business but not in the Cash Book before preparation of bank reconciliation statement do not include

#4. Carriage outwards is charged to

#5. Carriage outwards is charged to

#6. Which of the following is a contra entry?

#7. Which of the following will not make a trial balance total to agree

#8. Deferred charges are also known as

#9. The vote book in governmental accounting is used to

#10. Which of the following is does not relate to a non-for-profit-making organization?

#11. Which of the following is the memory part that is available for use by the computer user?

#12. In-not-profit-making organizations, accumulated fund is the name for

#13. Company tax paid is debited to

#14. Which of the following is not a revenue expenditure

#15. Dividend proposed by a company is shown in its Balance Sheet as

#16. The main classes of shares are

#17. A suspense Account is used to

#18. The purpose of the trading account is to ascertain

#19. A trial Balance is the

#20. Which of the following entries is made damaged goods are returned to the supplier?

#21. A balance sheet is a

#22. Yinka bought goods worth ₦800.00 and sold at a margin of 20% on selling price. How much did she sell the goods

#23. Recurrent expenditure of government is paid from

#24. A bond acknowledging a loan to a company under the company's seal, bearing a fixed rate of interest is known as

#25. One mega byte is equal to

#26. Purchases of goods from Obi had been entered in Obike's Account. This is an error of

#27. Umana Ltd. issued 200,000 shares at ₦1 each out of its Authorized Share capital of ₦300,000 at ₦1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes ₦10,000. The company's paid-up capital is

#28. Umana Ltd. issued 200,000 shares at ₦1 each out of its Authorized Share capital of ₦300,000 at ₦1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes ₦10,000. The unissued capital of the company is

#29. The total share capital which a company would be allowed to issue is known as

#30. Creditors at start was ₦4,650 and at close ₦2,480, cash paid to suppliers during the year amounted to ₦12,000. Credit purchases for the year is valued at

#31. Into how many major types can general purpose computers be classified?

#32. Which of the following is nit a petty cash book item? purchase of

#33. When a shareholder fails to pay the calls requested from him, this situation leads to

#34. Appropriation Account Kudu Wale Interest on capital 750 550 Salaries 800 600 Share of profits 3,300 3,300 Determine the net profit of the partnership

#35. Use the information to answer the question Aminu and Sons credit purchases (Extract] as at February 1996. Feb 1Credit balances 40, 000 Debit balances 1, 000 Feb 28 Purchases journal totals 500,000 Returns outwards journal totals 50,000 Cheques paid to suppliers 400,000 Promissory notes sent to suppliers 30,000 Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000 The Total for the purchases ledger control account is

#36. Use the information to answer the question Aminu and Sons credit purchases (Extract] as at February 1996. Feb 1Credit balances 40, 000 Debit balances 1, 000 Feb 28 Purchases journal totals 500,000 Returns outwards journal totals 50,000 Cheques paid to suppliers 400,000 Promissory notes sent to suppliers 30,000 Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000 What is the balance c/d in the purchases ledger control account?

#37. Given:Total cash received from debtors 30,000 Total purchases for the period 21,000 Amount owed by debtors at the beginning of the period 4,000 Equipment bought 2,500 Amount owed by debtors at the end of the period 3,000 Determine the value of sales for the period

#38. Use information below to answer this question. Capital: opening balance 307,000 Closing balance 342,000 Net profit for the period 121,600 Opening stock 98,800 Purchases 706,000 Carriage inwards 17,500 Cost of goods sold 740,700 Total selling, general and Administration expenses 526,000 Discount received 9, 650 What is the closing stock for the period

#39. Use information below to answer this question. Capital: opening balance 307,000 Closing balance 342,000 Net profit for the period 121,600 Opening stock 98,800 Purchases 706,000 Carriage inwards 17,500 Cost of goods sold 740,700 Total selling , general and Administration expenses 526,000 Discount received 9, 650 Calculate the gross profit for the period?

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Practice other Financial Accounting Past Questions Here

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