Financial Accounting Past Questions v16 (JAMB/WAEC/NECO); These Financial Accounting questions are for students who are sitting for the following examinations:

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Financial Accounting Past Questions v16 (JAMB/WAEC/NECO)

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#1. Calculate the cash balance after the discount.

A) ₦2760

A) ₦2760

B) ₦4 300

B) ₦4 300

C) ₦6 200

C) ₦6 200

D) ₦2.400

D) ₦2.400

#2. In the not-for-profit-making organization, the excess of income over expenditure is

A) deducted from the capital

A) deducted from the capital

B) added to the accumulated fund

B) added to the accumulated fund

C) added to the capital

C) added to the capital

D) deducted from the the accumulated fund

D) deducted from the the accumulated fund

#3. As evidence of payments to a government ministry, the revenue collectors will issue

A) treasury receipt

A) treasury receipt

B) receipts voucher card

B) receipts voucher card

C) treasury card

C) treasury card

D) stores receipts voucher

D) stores receipts voucher

#4. How much rent is apportioned to department K?

A) ₦1200

A) ₦1200

B) ₦1800

B) ₦1800

C) ₦2000

C) ₦2000

D) ₦750

D) ₦750

#5. How much selling and distribution expenses is apportioned to department M?

A) ₦800

A) ₦800

B) ₦600

B) ₦600

C) ₦400

C) ₦400

D) ₦1800

D) ₦1800

#6. Credit sales is given at 160% of cash received. What is the balance c/d?

A) ₦333 000

A) ₦333 000

B) ₦234 000

B) ₦234 000

C) ₦343 000

C) ₦343 000

D) ₦243 000

D) ₦243 000

#7. Calculate the value of credit sales

A) ₦484 000

A) ₦484 000

B) ₦448000

B) ₦448000

C) ₦584 000

C) ₦584 000

D) ₦558 000

D) ₦558 000

#8. The major function of accounting bodies in Nigeria is to?

A) provide proper financial management of businesses

A) provide proper financial management of businesses

B) provide good remuneration to the members

B) provide good remuneration to the members

C) promote the ethics of the profession

C) promote the ethics of the profession

D) show the dynamic nature of the profession

D) show the dynamic nature of the profession

#9. Which of the following is used to record the purchase of fixed asset on credit?

A) sales journal

A) sales journal

B) journal proper

B) journal proper

C) purchases journal

C) purchases journal

D) cash book

D) cash book

#10. Which of the following is both a subsidiary book and a ledger?

A) sales journal

A) sales journal

B) purchases journal

B) purchases journal

C) returns inward book

C) returns inward book

D) cash book

D) cash book

#11. Which of the following is not a source document?

A) credit note

A) credit note

B) invoice

B) invoice

C) debit note

C) debit note

D) bank note

D) bank note

#12. Pending the location of an error, the difference disclosed in a trial balance is temporarily treated in

A) suspense Account

A) suspense Account

B) trading account

B) trading account

C) control account

C) control account

D) profit and loss account

D) profit and loss account

#13. Which of the following items is not shown in the Trial Balance

A) closng stock value

A) closng stock value

B) opening stock balance

B) opening stock balance

C) opening dentors balance

C) opening dentors balance

D) closing asset value

D) closing asset value

#14. The total of the purchases day book is posted to the purchases account in the

A) general ledger

A) general ledger

B) purchases journal

B) purchases journal

C) private ledger

C) private ledger

D) purchases ledger

D) purchases ledger

#15. Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span?

A) capitalization

A) capitalization

B) depreciation

B) depreciation

C) depletion

C) depletion

D) amortization

D) amortization

#16. The amount set aside out of profit for a specific purpose is

A) provision

A) provision

B) reserve

B) reserve

C) depreciation

C) depreciation

D) depletion

D) depletion

#17. Which of the following is correct about cost of goods sold?

A) opening stock + purchases - closing stock

A) opening stock + purchases - closing stock

B) opening stock + sales + closing stock

B) opening stock + sales + closing stock

C) openig stock - purchases - closing stock

C) openig stock - purchases - closing stock

D) opening stock + sales + closing stock

D) opening stock + sales + closing stock

#18. Net debtors is

A) debtors less provision for bad debts

A) debtors less provision for bad debts

B) debtors plus provision for bad debts

B) debtors plus provision for bad debts

C) debtors less prepayments

C) debtors less prepayments

D) debtors plus prepaments

D) debtors plus prepaments

#19. The balance on the sales ledger control Account at the end if the accounting year represents total

A) trade debtors at the end of the year

A) trade debtors at the end of the year

B) cash sales for the year

B) cash sales for the year

C) credit sales for the year

C) credit sales for the year

D) amount transferred from the sales day book

D) amount transferred from the sales day book

#20. a decrease in the provision for doubtful debts result in

A) an increase in net profit

A) an increase in net profit

B) a decrease in gross profit

B) a decrease in gross profit

C) an increase in gross profit

C) an increase in gross profit

D) a decrease in net profit

D) a decrease in net profit

#21. The accounting concept which allows the use of a particular method for treating a transaction for a reasonable number of years is

A) consistency

A) consistency

B) cost

B) cost

C) accrual

C) accrual

D) conservatism

D) conservatism

#22. Which of the following is not a debit item in the partnership profit and loss appropriation account?

A) interest on partners drawings

A) interest on partners drawings

B) parners salaries

B) parners salaries

C) interest on partners capital

C) interest on partners capital

D) share of profit

D) share of profit

#23. Which of the following is not correct?

A) credit sales are entered on debit side of the customers personal account

A) credit sales are entered on debit side of the customers personal account

B) credit purchases are entered on the debit side of the supplier's personal account

B) credit purchases are entered on the debit side of the supplier's personal account

C) return inward are entered on the credit side of the customer's personal account

C) return inward are entered on the credit side of the customer's personal account

D) returns outwards are entered in on the debit side of the supplier's account

D) returns outwards are entered in on the debit side of the supplier's account

#24. When discount is allowed, the accounting entry is debit Discount allowed and credit

A) suspense account

A) suspense account

B) expense account

B) expense account

C) debtors account

C) debtors account

D) creditors account

D) creditors account

#25. When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is

A) debit profit and loss appropristion account, credit current Account

A) debit profit and loss appropristion account, credit current Account

B) Debit profit and loss appropriation account, credit capital account

B) Debit profit and loss appropriation account, credit capital account

C) debit current account, credit caapital account

C) debit current account, credit caapital account

D) debit profit and loss account, credit current account

D) debit profit and loss account, credit current account

#26. Goodwill is taken into account in partnership when

A) the business has good customer relations

A) the business has good customer relations

B) the business is making huge profit

B) the business is making huge profit

C) a new partner is admitted

C) a new partner is admitted

D) a parner becomes dormant

D) a parner becomes dormant

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

A) working capital

A) working capital

B) preference capital

B) preference capital

C) loan capital

C) loan capital

D) founder's capital

D) founder's capital

#28. A class of preference shares in which dividend rights are carried forward is

A) cumulative

A) cumulative

B) participating

B) participating

C) redeemable

C) redeemable

D) floating-rate

D) floating-rate

#29. The class of shareholders who are paid last in the event of wedding-up are

A) ordinary

A) ordinary

B) preference

B) preference

C) founder

C) founder

D) treasury

D) treasury

#30. When both debit and credit entries in respect of a transaction are made in the same ledger account, this is

A) a ledger entry

A) a ledger entry

B) an accounting entry

B) an accounting entry

C) a folio entry

C) a folio entry

D) a contra entry

D) a contra entry

#31. The price paid by an acquiring company is

A) conversion fee

A) conversion fee

B) premium

B) premium

C) sales consideration

C) sales consideration

D) purchases consideration

D) purchases consideration

#32. A unit of company's capital which can be bought is

A) shares

A) shares

B) interest

B) interest

C) asset

C) asset

D) property

D) property

#33. An expense is said to be revenue in nature if it

A) adds or contributes to the operating income of the business

A) adds or contributes to the operating income of the business

B) reduces the capital of the business

B) reduces the capital of the business

C) necessitates the introduction of additional capital

C) necessitates the introduction of additional capital

D) adds to or mproves the value of fixed assets

D) adds to or mproves the value of fixed assets

#34. Which of the following is the basis of accounting in public service?

A) profit

A) profit

B) accrual

B) accrual

C) expenditure

C) expenditure

D) cash

D) cash

#35. The amount of money granted by government to public institutions to meet recurrent expenditure during a fiscal year is

A) subvention

A) subvention

B) budgett

B) budgett

C) deposit

C) deposit

D) estimates

D) estimates

#36. A business operates on a mark-up of 25%. If cost of goods sold is ₦800,000. What is the profit?

A) ₦360,000

A) ₦360,000

B) ₦200,000

B) ₦200,000

C) ₦160,000

C) ₦160,000

D) ₦40,000

D) ₦40,000

#37. Rent prepaid as at 1st January, 2002 was ₦15,000. How much was paid for rent in 2007?

A) ₦80,000

A) ₦80,000

B) ₦75,000

B) ₦75,000

C) ₦55,000

C) ₦55,000

D) ₦35,000

D) ₦35,000

#38. A statement that measures the performance of a business over a period of time is the

A) balance sheet

A) balance sheet

B) bank statement

B) bank statement

C) funds flow statement

C) funds flow statement

D) profit and loss account

D) profit and loss account

#39. Capital at start was ₦280,000, while at the end of the year was ₦485,000 and drawings during he year was ₦15,000. What is profit for the year?

A) ₦265,000

A) ₦265,000

B) ₦220,000

B) ₦220,000

C) ₦205,000

C) ₦205,000

D) ₦190,000

D) ₦190,000

#40. Computer programmes are

A) micro processors

A) micro processors

B) software

B) software

C) hardware

C) hardware

D) memory

D) memory

#41. Which of the following is not a unit of the computer?

A) console

A) console

B) output

B) output

C) control

C) control

D) input

D) input

#42. The transfer of goods between departments is recorded be debiting

A) the receiveing department and crediting the giving department

A) the receiveing department and crediting the giving department

B) the giving department and crediting the receiving department

B) the giving department and crediting the receiving department

C) stock account and crediting trading account

C) stock account and crediting trading account

D) trading account and crediting purchases account

D) trading account and crediting purchases account

#43. A fixed amount of money set aside for petty expenses is

A) imprest

A) imprest

B) float

B) float

C) receipt

C) receipt

D) fund

D) fund

Finish

Practice other past questions here

Practice other Financial Accounting Past Questions Here